CYPHER LEARNING Raises $40 Million Growth Equity Round from Invictus Growth Partners to Accelerate Innovation in the Global Business and K-20 Education Market

 CYPHER LEARNING, a leading provider of learning management systems (“LMS”) for enterprises and educational institutions, announced today that it has raised a $40 million growth equity round from Invictus Growth Partners (“Invictus”), marking its first outside financing. The investment will be used to accelerate the sales, marketing, and development of its cutting-edge learning platform, and build on its profitability. Invictus Co-founder and Managing Partner, John DeLoche, will be joining CYPHER LEARNING’s Board of Directors. 


Graham Glass, CEO and Founder of CYPHER LEARNING, said: 

“Our mission is to innovate in education and have a major impact on the way people teach and learn. We bootstrapped the business to profitability so had a high bar in terms of bringing on an equity partner that would bring more than just capital. Invictus is the perfect partner for us, bringing deep operating expertise, a broad network, and unique data science resources that will enhance our platform and help us scale faster. We are excited to have Invictus as a partner as we continue to accelerate our vision of providing enterprises and educational institutions worldwide with the best online teaching and learning experience.” 

CYPHER LEARNING is the only company that provides an LMS for all major e-learning sectors.The company has three award-winning products: MATRIX LMS for Businesses, NEO LMS for Schools and Universities, and INDIE LMS for Entrepreneurs. The products are used by more than 20,000 organizations globally and are available in more than 40 languages. The global LMS market is estimated at more than $21 billion, yet it is still very fragmented and populated with outdated, subscale companies that have not kept up with the current needs of enterprises and educational institutions. This large market has created significant growth opportunities for CYPHER LEARNING as its leading-edge learning platform continues to gain traction due to its intuitive user experience, powerful functionality, and innovative approach to teaching and learning. 

“CYPHER LEARNING’s unique positioning in the industry and the vast addressable market in both the business and K-2O sectors has led to tremendous growth that we expect will rapidly increase over the next several years,” continued Graham Glass, CEO and Founder of CYPHER LEARNING. 

John DeLoche, Co-Founder and Managing Partner at Invictus Growth Partners, said:

“CYPHER LEARNING’s platform brings many benefits to enterprises and educational institutions, including ease of use, consistency of learning, innovative tracking and reporting, increased engagement, and better learning results. Graham and his leadership team have created a world-class learning platform with innovative automation, mobile, social, and gamification features that is built to scale and lead the space across all sectors. We are honored to partner with CYPHER LEARNING and look forward to working with them to achieve their mission.”

For more details about CYPHER LEARNING and its products, please visit

CYPHER LEARNING is a company based in San Francisco that specializes in providing learning platforms to organizations worldwide. CYPHER LEARNING has three products: MATRIX LMS for Businesses, NEO LMS for Schools and Universities, and INDIE LMS for Entrepreneurs. The products are used by over 20,000 organizations, support 40+ languages, and have won several awards. CYPHER LEARNING is currently the only company that offers platforms in all major e-learning sectors: academic, corporate, and entrepreneurship. 

About Invictus Growth Partners 
Invictus Growth Partners is a growth equity and buyout firm which invests in bootstrapped and capital efficient, automation-enabled cloud software, cybersecurity and fintech companies which seek capital and strategic resources to accelerate their growth. The firm and all their professionals are based in San Francisco, CA.

This press release was issued through For further information, visit


Leave a Reply

Your email address will not be published.