Fiveable, a Milwaukee-based EdTech startup, has been created $ 10 million in series funding to continue developing the social media platform.
The round was led by Union Square Ventures, with the participation of other investors, the Progression Fund and Owl Ventures. Thanks to this capital, Fiveable, which was created in 2019, received a total funding of $ 14.2 million. Rebecca Kaden, managing partner of Union Square Ventures, said about the company’s decision to participate:
“USV’s thesis is about the possibilities of using platforms and networks, increasing the value of expanding access and reducing the cost. In education, we believe this will happen outside of current systems – new networks are being created to provide value in ways that are much more personalized, accessible and relevant for students. This is, in fact, Fiveable: a network and community of loyal and passionate students that becomes bottom-up, responsible, and essential for rapid learning in student learning. We are happy to be a part of it. “
Founded in 2018 by Amanda DoAmaral and Tán Ho with a mission to deliver educational equity through social education, the startup has been increasingly successful in recent years. In 2021 alone, Fiveable’s user base quadrupled and the pass rate for local student exams reached 92%. With real content and a specially built community with access to resources, the initial platform allows students to grow together and give exposure to real-world experience beyond the virtual classroom.
With the new funds, Fiveable will focus its efforts on building an online space to promote social learning aimed at students. The platform developed by Startup includes a content library, community spaces and interactive research labs. Amanda DoAmara, co-founder and CEO of Fiveable said about the initial mission:
“Despite the differences between schools, this next-generation student refuses to wait for systemic change and actually doesn’t have the time to do so. Students are already online for help, motivation and information; we are raising that experience for social learning. providing the necessary infrastructure “.
Covid19 changing the pandemic education with a remote online learning environment, educational institutions have sought new ways to improve engagement so that students can get the best learning experience possible. The Edtech startup believes it can reach 18 million high school students in the United States by offering this alone, so that switching to distance learning doesn’t have a negative impact on their education.