The funding brings Outschool to a $3B valuation and will help further fuel its global expansion. Here are the top-line bullets you need to know.
Outschool, a K-12 education marketplace, has raised $110M in Series D funding. The round drew participation from Tiger Global, Union Square Ventures, Reach Capital, Coatue Management, and Lightspeed Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Outschool offers virtual learning programs for students aged between 3 and 18, connecting teachers with students to explore various subjects in small-group classes.
- The company has reportedly offered more than 140,000 virtual and small classes to students across the US, the UK, Australia, New Zealand, and Canada. Over the course of the pandemic, it increased the number of teachers on its platform from under 600 to over 7,000 as of October 2021.
- It claims to have witnessed an increase of 1,500% in bookings, from single-digit millions to more than $100M over the same period.
- The company has grown from 25 employees to 164 currently.
Source: Outschool
WHY DOES THE MARKET MATTER?
- Global annual spending on education technology is projected to reach $342B by 2025, according to HolonIQ.
- Increased penetration of digital devices, advantages of technological integration such as smart classrooms, and improved geographical reach are some of the key enablers of this growth.
- The Covid-19 pandemic has given rise to the need for virtual programming and online education, resulting in the market’s growth.
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