Scale Finance Assists TrueLearn with Investment by LLR Partners

LLR Partners recently announced an investment in TrueLearn (, a provider of online test preparation and data analytics to healthcare education and training institutions. The capital will be used to help accelerate the company’s organic growth in existing market verticals, fund expansion into new healthcare markets and pursue strategic acquisitions.

Founded by Dr. Joshua Courtney in 2008, TrueLearn empowers the next generation of healthcare professionals to perform at their highest levels, both in the classroom and on high-stakes licensure exams. The company has supported tens of thousands of young physicians and healthcare professionals who have used TrueLearn to achieve their career goals in medicine.

Scale Finance provided CFO services and advisory support in closing this major growth investment.

“TrueLearn is innovating the use of technology and data to drive better learning outcomes, and, as a result, helping to address major issues like healthcare workforce shortages and gaps in access to high-quality care,” said Steve Hodownes, Senior Operating Advisor engaged by LLR Partners and former CEO of Orbis Education. “As institutional demand for remote learning solutions heightens, I look forward to working with Dr. Courtney and his team to support the company’s growth in a dynamic market.” Mr. Hodownes will join TrueLearn as Chairman of the Board.

Demand for e-learning solutions to supplement lectures and clinical rotations has accelerated in recent months as institutions adjust to asynchronous and remote classroom environments. TrueLearn’s SmartBanks promote active learning by combining retrieval practice and cognition science with personalized analytics to help improve testing behaviors and increase performance on high-stakes licensure exams required for Board certification.

TrueLearn offers a suite of products for medical students and residents across a range of medical specialties and recently expanded its offerings to adjacent healthcare markets including pharmacy and allied health. The Company’s shared purpose has always been to do everything in their power to advocate for students and residents to the best of the ability. TrueLearn’s team does this by providing an unparalleled testing experience that gets results. The team believes that every student and resident has the potential of becoming a better standardized test-taker. TrueLearn strives to ensure every learner, regardless of their age, ethnicity, or background, meets their performance goals on test day.

“Empowering our doctors and healthcare providers is more important now than ever. LLR’s experience growing healthcare-focused training and education businesses and its network in our sector are exciting as we plan for the future,” said Dr. Joshua Courtney, CEO of TrueLearn. “The resources they bring to the table, including access to highly-relevant independent board members as well as dynamic growth and value creation strategies, will help TrueLearn elevate our mission to new heights, supporting more healthcare professionals as they launch their careers.”

DC Advisory also acted as financial advisor to TrueLearn.

About LLR Partners

LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on technology, healthcare and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and insights on scaling growth companies, visit

About Scale Finance

Scale Finance LLC ( provides contract CFO services, Controller solutions, and support in raising capital, or executing M&A transactions, to entrepreneurial companies. The firm specializes in cost-effective financial reporting, budgeting & forecasting, implementing controls, complex modeling, business valuations, and other financial management, and provides strategic help for companies raising growth capital or considering M&A/recapitalization opportunities. Most of the firm’s clients are growing technology, healthcare, business services, consumer, and industrial companies at various stages of development from start-up to tens of millions in annual revenue. Scale Finance has multiple offices in the Carolinas including Charlotte, Raleigh/Durham, Greensboro, and Wilmington with a team of more than 45 professionals serving more than 130 companies throughout the region.