Dive Brief:

• Instructure, which created the popular Canvas learning management system, has filed for an IPO, seeking $75 million.
• EdSurge reports that Instructure, which has already raised $90 million in venture capital since its founding in 2008, is not yet profitable, bringing in revenues of $44.4 million in 2014 and ending the year with a net loss of $41.4 million.
• The company has more than 650 employees in four countries and serves more than 1,400 customers in the higher ed, K-12, and corporate education spaces in the U.S. and abroad.

Dive Insight:

The learning management system market in higher education is still dominated by Blackboard, which has nearly half of the market share, based on enrollments. But Canvas is second only to Blackboar in market share by enrollments, trailing Moodle in the number of institutions it serves. It is seen as a rising star in the learning management space, and it has succeeded in tempting away customers from its competitors, additionally serving as a MOOC platform.