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Orono company raises more than $1M in early stage venture capital

BY Staff

2/8/2019

About CEI and CVI

Coastal Enterprises Inc. and CEI Ventures Inc. integrate financing, business and industry expertise, and policy solutions to increase good jobs, advance environmentally sustainable enterprises, and grow more broadly shared prosperity in Maine and other rural regions. CVI is the venture capital subsidiary of CEI and manages socially responsible venture capital funds.

CourseStorm, an Orono company that offers an online class registration and enrollment management service, announced Thursday it completed a $1.15 million early series round of financing. CEI Ventures co-invested along with Maine Venture Fund and LearnLaunch of Boston.
The high-growth company was just presented with the Bangor Region Chamber of Commerce Entrepreneurship Award and plans to create 20 new positions over the next 36 months to keep up its momentum and make learning accessible to more people.
CourseStorm is used by small- and medium-sized local programs to register students and process payments for classes across industries, ranging from community education to health and wellness classes to workforce development, after-school programs and corporate training. The platform helps clients to grow by reaching and registering more students for their programming. On average, programs using CourseStorm grow their online registrations by 12% every year, translating to about 50% growth in a little more than three years, according to the company’s website. https://www.coursestorm.com/community-education/
CourseStorm currently has clients in 44 states, ranging from a small township in Maine and a network of swim camps in Ohio, to a seven-hospital health care system and the Museum of Modern Art in New York. To date, the company has registered more than 225,000 students for classes.
“Increasingly, people are getting education and enrichment outside of school. We are thrilled to receive this investment to help us with our ultimate mission and contribute to helping people become well-rounded citizens of the 21st century,” said CourseStorm co-founder and CEO Brian Rahill. “People are living longer and changing jobs and are seeking new skills to stay in the workforce. Local education programs, job retraining, and certificate programs are filling a gap, often with a small staff and paper-based forms. Our platform gives them greater capacity and streamlines access to learning for everyone.”
“CourseStorm’s growth shows that innovation and hard work is happening in rural Maine,” said Chandler Jones, principal of CEI Ventures. “Their promise aligns with our mission, to find investments in companies that benefit the community, in this case providing greater access to continuing education and other enrichment programs. Those are fundamentals toward strengthening communities and ultimately building an economy that works for everyone.”