Outschool, a San Francisco-based e-learning startup, has raised $110 million in Series D funding, bringing its valuation to $3 billion as the company continues to change how children learn online.
The funding round was led by Tiger Global Management and BOND Capital, with the former doubling down on a previous investment in the startup. Other firms like Lightspeed Ventures, Union Square Ventures, Reach Capital, Coatue, FundersClub, and SV Angel also participated, bringing the total funding raised by the startup to over $240 million. Evan Feinberg, Partner at Tiger Global, explained with the firm participated in the startup by saying:
“Outschool’s online learning provides parents and students with a high-quality, convenient and affordable form of after-school enrichment and supplemental learning. Offering small, customized classes taught online and in real time, Outschool has emerged as an industry leader, and we are excited to partner with them as they expand.”
The unicorn was founded in 2014 with the mission to transform the live online education experience from a necessity to an attractive alternative to traditional education. By using gaming and interactive platforms like Minecraft and Pokemon, the platform is able to make topics like Chemistry, Algebra, and Literature attractive to children, allowing them to better engage with the content.
Outschool has experienced explosive growth over the past years, being named as one of Fast Companies’ “Most Innovative Companies of 2021” and Inc.’s “Fastest Growing Education Company”. Teachers from countries like Australia, New Zealand, and the UK were able to start using the platform recently as a result of the COVID-19 pandemic, further boosting the startup’s growth. Amir Nathoo, CEO of Outschool, said in this regard:
“I couldn’t be prouder of the achievements of our team from the past year and a half. Now we recognize the real work begins as we scale up and realize the platform’s great potential to inspire learners across the world.”
To sustain this growth, the startup will be using the capital infusion to scale its platform and increase its market share, as well as renewing its efforts of helping families in financial need through its nonprofit arm.
With online education being now a normal occurrence for millions of children around the world, Outschool seeks to become a leading player in how society adapts to this change. By making online education fun and interactive, an element commonly lost with the transition, the startup’s platform is revolutionizing online learning forever.
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