Education is not always valued in the business world. Because there are so few direct avenues to profit, investors have typically strayed away from the questionable sector. But with the advent of edtech startups and the obvious need for better schooling in this country, the tide seems to have turned on education's investable future. Particularly when an edtech software company announces a funding round that puts even the most lucrative startups to shame.
That's right, EverFi, the software leader in critical skills learning, announced today that they have received $40 million in new funding. The investors in question include a bevy of notable names, including Amazon founder and CEO Jeff Bezos and Google executive chairman Eric Schmidt. Notable investment firms include New Enterprise Associates, Advance Publications, Rethink Impact, Silicon Valley Bank and Rethink Education. The investments show that the edtech startup is doing a lot to benefit the world of education and beyond.
“With its proprietary learning platform, incredibly diverse and growing customer base, wide learner reach, and highly profitable financial model, EverFi has become a major player in the education industry,” said Michael Walden, a Partner at Rethink Education in a statement. “We’re very excited to be a part of EverFi’s continued growth.”
EverFi has brought their unique brand of education technology to more than 14 million learners since their founding in 2008. As a subscription-based network that provides education in the necessary skills of life and work, EverFi has been able to teach everyone from kindergarteners to experienced adults. They hope that the extra funding will help them to expand their technology to as man different people and institutions as possible.
“EverFi has created one of the most powerful and innovative models in the education space,” said EverFi Founder and CEO Tom Davidson in a statement. “Our goal is to be the learning engine of every major corporation, university, and school district around these critical topic areas.”
According to the statement from the founder, the investment will go to creating a wide range of new products that will increase the options available for EverFi subscribers. They hope to heavily focus on the corporate education sector in order to bridge the gap between education and business. And with their dedication to education, there is no telling how high they'll be able to fly with this kind of capital behind them.