Paper, a leading software provider of unlimited, 24/7 academic support, has raised $270 million in its Series D funding round, featuring both a primary and secondary offering.
The round was co-led by Sapphire Ventures and Softbank Investment Advisers, with support from returning investors, including IVP, Salesforce Ventures, Framework Venture Partners, Bullpen Capital, Reach Capital, BDC Capital, and Red House Education.
Paper addresses the greatest challenges school districts face in implementing effective tutoring: cost, equity, and scale. It partners with school districts to deliver 1:1 tutoring that is equitable, scalable, and cost-effective. School districts contract with Paper for a fixed price, unlimited usage model that uplifts their entire school community. Students and families get equitable, on-demand support from multi-lingual tutors, teachers get the help of 24/7 online assistants to track student progress and personalize instruction, and administrators get actionable data to inform strategic decisions.
Commenting on the latest development, Philip Cutler, Co-founder & CEO of Paper, said in a statement:
"I am humbled to have the support of our educational partners, our team, and our new and returning investors to propel Paper's mission of democratizing academic support. Every part of this investment will fuel the transformation of education at a systemic level. We look forward to partnering with more and more innovative school systems to level the playing field for all learners."
Since 2014, Paper has strived to empower all students to achieve success with equitable access to academic support. In many school districts, the students with the means to afford private tutoring get ahead, while the vast majority struggles to afford it. By partnering with school districts instead of families, Paper puts personalized academic support within every student's reach.
Rajeev Dham, Partner at Sapphire, said:
"Every student deserves a quality education, but unfortunately the majority of schools lack the resources to meet the needs of all of their students. Since the onset of the pandemic, the issue has been magnified by prolonged remote education, resulting in unfinished learning and a decline in academic performance. Sapphire is proud to partner with Paper, a mission-driven company that's helping all students have access to high-quality academic support whenever they need it, making education more equitable for everyone."
Ram Trichur, Partner at SoftBank Investment Advisers, added:
"Remote learning during lockdowns accelerated digital adoption of education tools but also exposed a glaring divide in the experience for many students. Paper is helping to support stretched public school systems to improve student outcomes by widening access to critical tutoring resources. We're delighted to be partnering with Philip Cutler and the team to build an enduring solution providing every student with an equal opportunity to excel academically."
The latest fundraise follows a year of unprecedented growth for Paper, which currently serves around 2 million students – a significant bump from the one million mark when it closed its Series C round in June 2021. Since then, the company has expanded its reach to nearly 30 states nationwide, grown its team by over 300%, and partnered with some of the nation’s largest and most prominent school districts.