Schoology, the education technology startup has announced its raising $32 million in Series D round of funding led by JMI Equity along with participation of the existing investors FirstMark Capital, Intel Capital and Great Road Holdings.
Founded in 2009, Schoology is an educational technology company collaborating many information at the heart of learning experience. It educational cloud brings together people, content and various systems that fuel education and offers various tools to personalize education. Ever since its launch, it became the rapid growing educational tech firm in the kindergarden-through-12th-grade space, expanding rapidly in its sector.
“School districts and colleges have been striving to personalize the education of every student for years, but there hasn’t been a teaching and learning platform that could do it. The industry is littered with failed point solutions that didn’t integrate easily and weren’t easy to use – which resulted in extremely low adoption rates and failures to deliver real educational value,” said Jeremy Friedman, CEO, Schoology. “We built the first education cloud that allowed educators and students to collaborate and connect all digital resources on one intuitive platform. Because we designed our platform to be student-centric and we built the enterprise functionality out from there, we’ve been able to combine unparalleled user adoption with the strongest platform capabilities in the industry.”
The funding announcement comes during the year when Schoology has brought in 400 new enterprise customers – surpassing 1000 total universities, colleges and K-12 school districts. With the fresh funds, the company plans to invest in product engineering and widen its distribution so it can bring in more schools, school districts, colleges and universities all over the world. With the specialization in learning management systems (LMS), the company has over 12 million users in 130 countries. Further to the funding, Jit Sinha, General Partner at JMI Equity would be joining the Schoology board.
Sinha said, “In our conversations with customers, it was clear that they wanted a comprehensive platform that covers the entire education ecosystem – from course management to assessment, collaboration and analytics – that allows school districts and colleges to achieve desired student outcomes. Schoology is the only company that delivers that in a single platform. The company is also unique in its ability to match enterprise-caliber technology with the intuitive usability of social networks. The company’s design, collaboration-first approach and subscription cloud-based business model make it a leader in the space and we are excited to be partnering with Schoology to help drive the next phase of growth.”