TMCnet News
Varsity Tutors Raises $50M in Series C Financing to Redefine LearningST. LOUIS, Feb. 14, 2018 /PRNewswire/ -- Varsity Tutors, the company that is fundamentally changing how individuals acquire knowledge, announced today that it has closed a $50M Series C funding round, bringing its total funding to $107M. The round was led by Learn Capital, with participation from The Chan Zuckerberg Initiative and existing investor TCV. The funds will enable Varsity Tutors to further its vision of seamlessly connecting experts and learners in any subject, anywhere, at any time. Varsity Tutors connects students with 40,000 experts in more than 1,000 subjects and tests. The company plans to increase those numbers substantially as it targets new verticals outside of tutoring and new international markets. Varsity Tutors also intends to focus on new product innovation, including expansion of its Instant Tutoring product, which allows learners to seamlessly connect with live experts in as little as 15 seconds in nearly 150 subjects. "It's a thrill and privilege to have this opportunity to support Varsity Tutors at this moment in the company's trajectory," said Rob Hutter, Managing Partner, Learn Capital. "It's our view here at Learn that global market forces are converging to create a new era of augmented learning where profoundly new rules and growth dynamics will take hold. In my opinion, Varsity is one of the best positioned companies on the planet to build a leadership franchise that quickly out-distances the crowd and transforms the possibility space of personalized instruction. None of this could occur, though, without a remarkable team and a cadence of execution that is rare." "We are excited to invest in Varsity Tutors given their leadership and success to date, and their continued innovation to offer quality learning experiences to more students across different geographies, backgrounds and learning needs," said Vivian Wu, Managing Partner, Ventures, at The Chan Zuckerberg Initiative. "We look forward to working with them to make students' learning even more effective and to increase access for more students." To date, over 100,000 students have relied on online, mobile and in-person live instruction to meet their personal and pofessional goals. Learners have accessed more than three million hours of live instruction on the platform. Online, mobile and instant tutoring now account for the majority of Varsity Tutors' business with a product satisfaction rating of 4.9/5.0. "For the first time in history, advances in technology have allowed us to create a platform that provides instant access to the expertise you need in real time. Learners using Varsity Tutors are now benefiting from a far better experience online than has ever been possible offline," said Chuck Cohn, founder and CEO of Varsity Tutors. "By building the leading platform that enables individuals to find personalized instruction in any subject, anywhere, anytime, we are redefining learning." In 2017, Varsity Tutors acquired First Tutors, the largest tutoring marketplace in Europe. It has also acquired four educational content websites to introduce Varsity Tutors to millions of new users. About Varsity Tutors About Learn Capital About The Chan Zuckerberg Initiative About TCV CONTACT: Brittany Hendrickson, 415-299-6370, InkHouse, [email protected] View original content with multimedia:http://www.prnewswire.com/news-releases/varsity-tutors-raises-50m-in-series-c-financing-to-redefine-learning-300598307.html SOURCE Varsity Tutors |