EdTech companies and startups raised over $250 million in week 47 across nine rounds.
Former MOOC turned tech education platform Udacity raised a $105 million Series D, valuing the company at $1 billion. German media, services and education company Bertelsmann increased its stake significantly, making it one of the largest shareholders in Udacity.
Udacity partners with tech firms like Google, Facebook and Amazon to develop so called Nanodegrees that train employees specific tech skills needed for different jobs in the technology sector.
Varsity Tutors, a tutoring marketplace, raised a $50 million Series B from Technology Crossover Ventures and others. The funding will be used to improve the company’s live tutoring technology, its mobile applications, infrastructure and to accelerate its global expansion.
Founded in 2007 at Washington University in St. Louis, Varsity Tutors offers a library of more than 100,000 free practice sets covering 150+ subjects and standardized tests.
Schoology, a LMS for K-12 and higher education, has raised a $32 million Series D led by JMI Equity with participation from existing investors FirstMark Capital, Intel Capital, and Great Road Holdings. The company has raised a total of $57 million.
Founded in 2009, Schoology is used in more than 130 countries, reaching over 12 million users. In the past year Schoology added over 400 enterprise customers, surpassing 1000 institutions in K-12 and higher education.
Bertelsmann continues to expand its education portfolio. The media, services and education company announced that it will invest $230 million in higher education solutions provider HotChalk. Through the investment Bertelsmann will become the largest stockholder of the company.
In September Bertelsmann combined its education activities into a separate business unit, Bertelsmann Education Group.
HotChalk provides universities with the tools to bring their degree programs online. Founded in 2004, HotChalk raised a $5 million venture round in 2008.