Paper, a Montreal-based EdTech startup that offers an educational support system for K-12 students, has raised $100 million in a Series C funding round led by Institutional Venture Partners (IVP).
Existing investors Framework Venture Partners, Bullpen Capital, Reach Capital, Birchmere Ventures, Salesforce Ventures, BDC Capital, and ETW also participated in the round.
The investment comes in the wake of extraordinary growth over the last year – from supporting 50,000 students to over one million across North America. According to a press statement, the proceeds from the financing will be used to scale the business and further invest in Paper’s educational support system.
Founded in 2014, Paper partners with K-12 schools throughout the US and Canada to give students an equal opportunity to excel academically and to help school districts cost-effectively support learning at scale. Its educational support system provides students with unlimited 24/7 homework help, writing feedback, and study support at a predictable fixed cost. Paper’s specialized tutors deliver on-demand one-on-one academic support in four languages across more than 200 academic subject areas.
Paper’s education support system is currently used by over 100 school districts. The startup claims to have supported more than one million students and has over 1,000 tutors on its platform.
Speaking about the company and on the funding, Philip Cutler, CEO of Paper, said,
“We are thrilled by the feedback we continue to receive from school districts, teachers, parents, and students alike related to the critical academic support we are providing kids. Tutoring, once reserved for the privileged few, is now broadly accessible, leveling the playing field across all students. Our partnership with IVP and ongoing support from existing investors opens new horizons for Paper, allowing us to make critical investments in innovation and scale, with the aim of continuing to tackle inequalities in our public school system. We are grateful for their support.”
Paper addresses the greatest challenges school districts face in implementing effective tutoring: cost, equity, and scale. School districts contract with Paper for a fixed price, unlimited usage model that uplifts their entire school community. With Paper, students and families get equitable, on-demand support from multilingual tutors, teachers get the help of 24/7 virtual assistance to track student progress and personalized instruction, and administrators get the opportunity to deliver on critical strategic objectives.
Tom Loverro, General Partner at Institutional Venture Partners, said,
“Over the course of the last year, we’ve seen first-hand the stark inequality present in the public education system. The stakes have never been higher for the many kids being left academically behind. It’s devastating to kids, their parents, their communities, and our nation’s future. In speaking with large school districts, it’s clear that Paper addresses an urgent need where others have failed – scaling high dosage tutoring that serves all students in need. We are excited to partner with this talented team as they continue to do this important work and grow the business.”
As part of the deal, Tom Loverro has joined Paper’s board of directors. With the latest funding, Paper has raised about $121 million to date.