Varsity Tutors said it has closed USD50 million in Series B funding from Technology Crossover Ventures (TCV), musician and TV personality Adam Levine and education executive Stuart Udell, among others.
As part of the terms of investment, Woody Marshall (TCV General Partner) and Erik Blachford (former CEO of Expedia, Hotwire and Hotels.com) joined Varsity Tutors´ board of directors. The new round of funding follows a previously unannounced USD7 million in Series A funding from Answers Corporation executives David Karandish and Chris Sims that first closed in May 2014.
The capital will be used to fund product improvements related to Varsity Tutors´ core online live tutoring technology, its mobile applications and its backend infrastructure and logistics systems, as well as further the company´s growth toward becoming the world´s largest source of free, professional-grade academic content.
Since its founding in an Introduction to Entrepreneurship course in 2007 at Washington University in St. Louis, Varsity Tutors has grown rapidly and has connected nearly 50,000 students to more than 15,000 thoroughly-vetted instructors nationwide. Students have benefitted from more than one million hours of live one-on-one instruction on the platform since its inception.
Varsity Tutors is a live learning platform that connects students with personalized instruction to accelerate academic achievement. To date, students have accessed more than one million hours of live instruction on the platform. Additionally, through the company´s free online learning tools and mobile applications, Varsity Tutors has created a learning ecosystem of more than 100,000 free practice questions, answers and explanation sets across more than 150 subjects and standardized tests. Varsity Tutors was founded in 2007 at Washington University in St. Louis.