Varsity Tutors, the startup platform to connect elite tutors with students, has announced it raising $50 million in Series B round of funding led by Technology Crossover Ventures, Adam Levine and educational executive Stuart Udell and others.
Founded in 2007, Varsity Tutors is a live learning platform that brings together students with personalized instruction to boost academic achievement. Till date, students have accessed more than one million hours of live instruction on the platform. It has a network of 15,000 tutors across USA and connects them with students in-person or through internet. Apart from the free online learning tools and mobile apps, Varsity Tutors has made a learning ecosystem of more than 100,000 free practice questions, answers an explanation sets for many subject and standardized tests.
The new funding follows a $7 million investment in 2014 from Answers Corp. executives David Karandish and Chris Sims. With the fresh funds, Varsity Tutors ‘ plans to invest in improving products related to core online live tutoring technology, it mobile apps and its backend infrastructure and logistics systems. It plans to widen mobile strategy where the same live video chat with a tutor can be had on-demand from anywhere with a wireless connection. It also plans to invest in company’s growth to become the world’s largest source of free, professional-grade academic content.
Chuck Cohn, founder and CEO of Varsity Tutors said, “We are excited to announce our new partnership with TCV. We now have the financial support and resources of world-class Internet investors who can help Varsity Tutors develop its technology and expand access to high-quality, live, video-based expertise on both web and mobile.”
Varsity Tutors unveiled Varsity Learning Tools in 2013, which is a quest to provide free academic content to students all over the world, as a mission to boost the academic success of all students by improving access to high-quality education.
“We are incredibly impressed by the technology, content and mobile applications that Varsity Tutors has developed,” said Marshall. “We believe that Varsity Tutors has the opportunity to significantly expand access to high-quality instruction by connecting people who need expertise with that expertise.”