Global learning platform Quizlet has raised $30 million in a Series C funding round led by private equity firm General Atlantic.
The company’s existing investors, including Icon Ventures, Union Ventures, Costanoa Ventures, and Owl Ventures, were also said to have participated in the round.
Founded in 2005, Quizlet provides engaging study tools to help people practice and master whatever they are learning. It allows them to create, share and consume high-quality user-generated content. Quizlet’s AI-powered platform is able to personalize and adapt study sessions for each user, helping students focus on what they need to learn. Its most popular study activity, Quizlet Learn, leverages AI to create an adaptive study plan that adjusts to the users’ learning needs and can be scheduled to help them reach mastery by a specific date, such as a test or final. The platform’s Smarter Grading and Feedback system can understand a student’s answer beyond a word-for-word match, determine what is correct and what needs further understanding, and then guide the students’ learning.
Quizlet caters to a diverse user base across geographies and stages of education. The company claims more than two-thirds of high school students and half of college students in the US use the platform, with more than 50 million active users a month and over a billion questions answered each week.
Speaking about the company and on the funding, Matthew Glotzbach, CEO of Quizlet, said in a statement,
“Imagine if every person had access to an AI-powered tutor to help them confidently study anything they wanted to learn. The team at Quizlet wakes up every day excited to make students’ lives better by creating innovative tools that move our users towards mastery more quickly and more effectively. General Atlantic recognizes the value of technology’s impact on learning, and we welcome them as a long-term partner and strategic advisor as we pursue our next phase of growth.”
Quizlet allows students and teachers to access over 400 million user-generated study sets, or create their own, to study across activities ranging from flashcards and practice questions to interactive diagrams and games. The company said the new funding will help fuel its continued product innovation, with focus on data science and machine learning capabilities, as well as aid in strategic expansion opportunities.
As part of the investment, Peter Munzig, Managing Director in General Atlantic’s Technology investing sector, will join Quizlet’s board of directors. Commenting on the funding, he said,
“Quizlet’s differentiated learning platform caters to a wide base of users who find value in the depth and breadth of the educational content it offers. Through aggregate and individual user behaviour, Quizlet is able to curate and enhance learning experiences, an offering that resonates with its students and has enabled the company to capture significant momentum. General Atlantic is a strong backer of the digitization and personalization of education, and we are excited to leverage our expertise in this field to partner with Matt and the talented Quizlet team to continue to scale the business globally.”
The latest funding makes the San Francisco-based Quizlet a $1 billion company, achieving a unicorn status. The company last raised $20 million in 2018 at a $200 million valuation. With this new funding, the company has raised a total of $62 million to date.