Mobile Education Company StudyBlue Raises $9 Million
StudyBlue is an online and mobile education company that has raised $9 million in Series A-1 funding. This round of funding was led by Great Oaks Venture Capital with participation from the Wisconsin Alumni Research Foundation (WARF). Existing investors in the company also participated in this round. StudyBlue has a social studying platform that works on mobile devices. There are over 2.5 million students on the platform that have shared 100 million study materials on the web, iPhone, iPad, and Android.
StudyBlue CEO Becky Splitt said that the company is growing rapidly. The company plans on using the funding to expand their community and platform so that students will understand the material faster. StudyBlue says that the company has the “largest and fastest growing library of student generated study materials” that is available for higher education. The company has over 100 million items that range between anthropology and zoology.
StudyBlue is not considered an e-book platform or a teaching tool. Students are able to create and organize materials digitally using the platform. A lot of the material from StudyBlue comes directly from students. Teachers can add and join materials to integrate their own lessons into the platform.
StudyBlue said that students shares information about themselves like the school, professor, or class. Notifications can be distributed when a new classmate or study material is added.
StudyBlue has raised a total of $14.8 million in funding. The company makes money using a “freemium” model that leverages ad revenue and premium subscriptions. The functionality is free for anyone. Subscription fees are used for advanced functionality like equation editors, advanced search filters, and ad removal.