Teachers Pay Teachers, the lesson plan marketplace where educators can upload their materials and sell these lesson plans to other teachers, has raised an undisclosed amount of Venture Funding from Spectrum Equity, Tiger Global and True Ventures.
As part of the round Etsy’s former COO Adam Freed will join the board of directors.
Teachers pay Teachers was launched in 2006 in New York City by former teacher Paul Edelman and has more than 3 million registered users to date, up 1 million in the past 12 months. In June 2013 John Yoo took over from Edelman as CEO. Yoo joined TpT as head of product coming from Scholastic.
In a 2013 interview with Pando’s Erin Griffith Edelman shares some interesting numbers of the highest earning educators on TpT. Deanna Jump, the highest selling teacher, has sold lesson plans worth more than $2 million. The next four highest-earning teachers have sold materials for more than $500,000, 64 teachers has earned six figures and 384 educators more than $20,000.
For comparison, on average Kindergarten teachers in the US earn $52,840, Elementary School teachers $56,320 and High School teachers $58,260 per year according to Vox.
40,000 users are active sellers on the platform, and more than 800,000 users have bought a lesson plan according to Pando.
TpT takes a 30% cut from each lesson plan sold which reduces to 15% when a teacher opts for the premium plan that costs $59.95 per year.
Based on the growth in both users and revenue, TpT was able to attract a group of renown investors. Spectrum Equity just invested in ExamSoft earlier this month and has also led lynda.com’s $103 million round in January 2013 together with Accel Partners. Tiger Global just participated in Automattic’s $160 million Series C and Quora’s $80 million Series C. TpT seems to be the first investment in an education company. True Ventures counts several edtech startups to its portfolio: Academia.edu, AlwaysPrepped, Smarterer and socrative.
The funding will be used to develop the platform, adding stability and new features as well as growing the team.
First reported by: EdSurge
- Exciting News for our TpT Community | TpT Blog
- Teachers are earning millions of dollars selling their lesson plans on the “iTunes of education” | Pando
- TeachersPayTeachers Gets New CEO | EdSurge
- Teachers get an appreciation week, lawyers take home $70,000 more per year | Vox