YFM exits Elucidat following sale to Learning Pool

YFM Equity Partners has completed the sale of its stake in Elucidat, the Brighton-based learning technology company, following its acquisition by Learning Pool, a global provider of workplace learning solutions backed by Marlin Equity Partners.

Founded in 2013, Elucidat is an award-winning, cloud-based authoring platform that enables large-scale learning teams to create, manage and distribute high-quality digital learning content quickly and at scale. The company’s mission is simple but powerful: to make e-learning creation easy, scalable and impactful for organisations across the world.

YFM first invested in Elucidat in 2019, identifying it as a standout innovator in a fast-growing global market. The shift towards digital learning had already begun, but Elucidat’s technology positioned it at the forefront of a major transformation, enabling companies to democratise content creation and empower internal experts to design learning experiences without relying solely on specialist developers.

Since the initial investment, YFM has provided follow-on funding to support Elucidat’s continued growth, helping the business scale and refine its platform. Through this partnership, Elucidat has expanded its leadership and technical teams, enhanced its product capabilities, and invested heavily in AI-driven tools that help learning teams produce content faster, more efficiently, and with greater personalisation.

Today, more than 10,000 authors have used Elucidat to create over 280,000 courses, reaching more than 58 million learners worldwide.

For YFM, the investment in Elucidat represented not just a commitment to a promising product, but to a team with clear vision and purpose. Working closely with CEO and co-founder Steve Penfold and his leadership team, YFM supported the business as it scaled from an ambitious UK-based SaaS company into a global player.

The collaboration was focused on sustainable, long-term growth, building a business that could lead in both technology and culture. Over the past five years, Elucidat strengthened its infrastructure to serve major enterprise clients across healthcare, technology, and professional services, while continuing to innovate in accessibility, learning analytics and AI-assisted authoring.

“We’ve worked closely with Elucidat over the past few years, supporting its evolution and helping lay the foundations for future growth,” said David Bell, Senior Portfolio Partner at YFM. “This is a great strategic outcome for the business, and we’re pleased to have played a role in its journey.”

Elucidat’s acquisition by Learning Pool marks an exciting next step for the company and a strong return for YFM-managed funds. The transaction forms part of Learning Pool’s broader expansion strategy, which also included the acquisition of WorkRamp, an AI-first Learning Management System designed for the SMB and extended enterprise market.

Together, these acquisitions will create a next generation learning ecosystem that brings together Learning Pool’s expertise in delivery and data with Elucidat’s innovation in scalable content creation.

“We’re incredibly proud of what we’ve built at Elucidat,” added Steve Penfold, CEO and co-founder of Elucidat. “Joining Learning Pool’s expanding group is an exciting opportunity to scale our impact even further. YFM have been a supportive and thoughtful partner throughout, and we’re grateful for everything they’ve helped us achieve.”

The successful exit from Elucidat represents another strong realisation for YFM, underlining our ongoing commitment to backing high-growth UK technology businesses. The partnership demonstrates how YFM’s hands-on, collaborative approach can help ambitious founders accelerate innovation, expand into new markets, and position their businesses for strategic growth.

As demand for high-quality, data-driven learning solutions continues to rise, Elucidat’s story is a clear example of how UK tech companies can scale globally — with the right blend of vision, innovation, and investor support.

YFM is proud to have played a part in Elucidat’s journey and looks forward to seeing the company continue to shape the future of workplace learning as part of Learning Pool’s expanding group.