Altitude Investments (2020) Ltd. — Insider Briefing
WKT Growth Update &
Capital Round Status
A briefing for Altitude partners on the current state of We Know Training, the market opportunities ahead, and the status of our current fundraising round. February 2026.
To: Altitude Partners
From: Chairman, Altitude Investments (2020) Ltd.
Re: WKT Market Update & Capital Round Completion
We don't run formal board meetings for Altitude — the portfolio beyond WKT is small and mostly illiquid. But as we approach the close of the current WKT fundraising round, I want to make sure every partner has the best available information about what's happening at WKT and why this moment matters.
On December 1st, 2025, WKT launched its new adaptive learning platform on a regulatory-approved program. Since launch, candidates have achieved a 100% first-attempt pass rate — up from a 69% exam score rate (and an even lower pass rate) on the previous system. This is not an incremental improvement. This is a fundamentally different product.
Simultaneously, three regulated training markets are opening — each requiring mandatory, accredited training that WKT is uniquely positioned to deliver. The combined opportunity represents the most asymmetric upside I've seen in our 20-year history as a partnership.
This briefing covers three things: the platform breakthrough, the market opportunities, and the status of our capital round. I believe WKT is reaching escape velocity, and that this is a very short window for the right investor or lending partner to participate.
— Chairman, Altitude Investments
The Platform Breakthrough
WKT's new adaptive learning platform doesn't just deliver content — it proves competency. It personalizes every learner's path, identifies weak areas in real time, and doesn't certify anyone until they've demonstrated mastery. The results since launch:
(even lower pass rate)
(since Dec 1, 2025)
This was achieved on a regulatory-approved licensing program with real candidates passing real exams. The platform is proven. The question is no longer whether it works — it's how fast we can deploy it across the opportunities in front of us.
Three Stacked Market Opportunities
Each of these is a regulated market with mandatory training requirements, clear timelines, and quantifiable revenue. They are happening simultaneously — and WKT's adaptive platform is the delivery mechanism for all three.
CIRO — Banking & Securities Licensing $5M/yr run-rate
CIRO has fundamentally changed Canada's investment industry proficiency model. Every bank and securities firm needs candidates to pass 9 regulated licensing exams. WKT is launching adaptive exam prep for all 9 in 2026.
- $5M annual run-rate target through enterprise partnerships with national firms
- Beta partnerships in motion with major CIRO member firms
- Pass guarantee backed by a predictive readiness score — no incumbent offers this
- Exam failure is expensive for firms: $475 first attempt, $300 retakes, 6-month lockout after 3 failures
- Enterprise storefronts, compliance dashboards, and bulk licensing infrastructure already built
The existing market still relies on completion-based study tools that measure time spent, not competency demonstrated. WKT's adaptive platform is a generation ahead.
LLQP — Life Insurance Licensing $2M/yr confirmed
The LLQP is the gateway credential for selling life insurance in Canada. WKT already operates one of the leading national programs. The adaptive platform upgrade launches June 2026.
- Confirmed enterprise partnership with one of the largest insurance distribution networks in North America — adding $2M/year starting June 2026
- Adaptive platform means faster time-to-licence — a direct revenue accelerator for distribution partners
- Proven LLQP track record: 96% would recommend, 9/10 feel better prepared
- Scalable model for additional insurance distribution partnerships
BC Restricted Insurance Agent — Brand New Credential Greenfield
British Columbia is creating a brand new licensing category effective January 1, 2027. Every business that sells insurance incidentally — car dealerships, mortgage brokers, travel agents, banks, credit unions, rental agencies — must ensure their sales reps complete accredited training.
- 3,500+ businesses and 15,000–25,000+ sales reps need training in BC alone
- Zero incumbent training providers — this licence didn't exist before
- Accreditation applications open July 2026 — first movers set the market standard
- 11 insurance classes, modular course architecture — one platform serves all business types
- 4 other provinces (AB, SK, MB, NB) have similar regimes — national expansion path
- Conservative estimate: $225K–$750K Year 1, scaling to $1M–$3M+
Alberta iGaming Compliance Training National opportunity
Alberta is launching Canada's second open-market iGaming regime in 2026. Every operator is classified as a Money Services Business under FINTRAC with mandatory, documented, ongoing compliance training for all employees. Ontario's $3.2B market (50+ operators, 15,000 jobs) proved the demand — and also proved that leaving compliance training to individual operators creates costly regulatory failures.
- Alberta projecting $450M–$1B in annual iGaming revenue within 3 years
- 20–40+ operators expected at launch, each needing compliance training for entire workforce
- Concept: mandatory industry certification modeled on Alberta's ProServe (alcohol service) program
- Alberta training revenue: $380K–$3.7M Year 1–2; National: $2.5M–$12.5M+ Year 3–5
- Meeting with Alberta iGaming Corporation leadership scheduled for week of Feb 17
- Canadian AML content partner secured — no content development delay for core modules
- No competitor in Canada offers: adaptive platform + Canadian-specific content + compliance management + regulator visibility
Combined Revenue Potential
These aren't sequential bets. They run on the same platform, the same infrastructure, and can be pursued simultaneously.
(run-rate target)
(starting June 2026)
(starting 2027)
(Year 3–5)
Every line is recurring revenue. Regulatory training isn't one-time. Employees are trained annually. New hires need onboarding. Accreditations renew. Compliance audits cycle every 2 years. As markets grow, revenue compounds.
Capital Round Status
Altitude is currently selling a portion of its WKT shares to fund operations and retire obligations. Here's where we stand:
Equity Round: $1.9M of $2.4M Raised
We have committed $1.9M of a $2.4M target (9.5% of a 12% share sale). $500K remains to close the round.
Altitude has an obligation to repay $1.6M to existing note holders, and the holding company has no liquid assets to satisfy this outside of the share sale. Completing this round is a structural requirement — it retires the obligation and positions WKT to capture the opportunities above without further dilution.
Why this should be the last equity raise
If we complete this round and secure a working capital facility, I do not believe WKT will need to raise another dollar of equity capital — unless an exceptional acquisition opportunity presents itself (e.g., a monopoly training program at a distressed price). We are reaching escape velocity. The revenue stack above, once it begins generating cash in mid-2026, funds its own growth.
Equity — Final Subscriber
One subscriber to close the current tranche. This completes the share sale and retires Altitude's outstanding obligation.
- Board seat (appointed by Altitude)
- Full USA protections — drag-along, tag-along, restrictive covenants
- Entry at current $20M valuation
- Positioned ahead of the 4–5× inflection point
- This is intended to be the final equity raise
Green Line — Working Capital Facility
A subordinated credit facility WKT can draw against to fund the short-term ramp — repaid from revenue as markets come online.
- Funds subject matter experts (contractors) for content development
- Funds industry experts for product positioning and go-to-market strategy
- Funds early access to enterprise buyers for channel partnerships
- Funds sales, marketing, and market launch coordination
- Attractive terms — subordinated debt secured against a business with 25 years of operating history
- Can be the same investor as equity, or an entirely different party
What Capital Solves
The platform is built. The opportunities are identified. WKT is currently constrained in three areas that capital resolves immediately:
Content Development
Subject matter experts (contractors) to build accredited training content for CIRO, BC Insurance, and iGaming simultaneously. The content timeline is the primary bottleneck.
Industry Access
Industry experts for product positioning, go-to-market launch strategy, and early introductions to major enterprise buyers for channel and distribution partnerships.
Market Launch
A coordinated announcement of the adaptive platform to the market. Enterprise sales, conference presence, and channel partner development require upfront investment.
CIRO launches March 2026. The life insurance partnership goes live June 2026. BC Insurance accreditation opens July 2026. The iGaming meeting is next week. These windows are open now — they don't stay open. Capital deployed today captures markets that will generate recurring revenue for years.
Execution Timeline
Close equity round — $500K remaining
Two-week window. Retire outstanding obligation. Deploy capital to content development and go-to-market.
Alberta iGaming Corporation meeting
Position WKT as compliance training infrastructure partner for Alberta's new iGaming market.
CIRO Exam Prep launches
First exams go live on the adaptive platform. Enterprise beta partners onboarded.
Life insurance partnership goes live — $2M/yr
Major distribution network's agents begin training on the adaptive platform.
BC Insurance accreditation applications open
Submit as one of the first accredited providers for 15,000–25,000 trainees.
Alberta iGaming market launches
Operators go live. WKT positioned as compliance training infrastructure from day one.
$10M+ revenue run-rate
Full revenue stack online. This is the valuation inflection point.
The Assessment
WKT has never had more asymmetric upside. A proven adaptive platform, three simultaneous regulated market openings, confirmed enterprise partnerships, and a 100% pass rate since launch.
We are 12–24 months from a 4–5× on today's valuation. The capital requirement to get there is modest relative to the opportunity — $500K in equity closes the round, and a $1–2M green line funds the ramp.
Once this round closes, I do not expect WKT to need another dollar of outside capital. We are reaching escape velocity.
This is a short window for the right person or group.
I'd like to discuss this week.