- AI-based study platform company Quizlet announced it closed $30 million Series C funding at a $1 billion valuation led by General Atlantic
AI-based study platform company Quizlet announced it closed $30 million Series C funding at a $1 billion valuation led by General Atlantic. The funding will be used on Quizlet’s product development. Quizlet will also use the funding on strategic expansion opportunities.
Previous investors Costanoa Ventures, Icon Ventures, Owl Ventures, and Union Square Ventures also joined the round. Including this round of funding, the company has raised a total of $62 million thus far.
What does Quizlet do? Quizlet helps learners create and share user-generated content. The company also has over 50 million active users per month and hits over a billion questions answered on the platform every week. Around two-thirds of the high school students and half of all college-aged students in the US are on the platform. Plus students and teachers can access more than 400 million user-generated study sets.
Quizlet’s most popular study activity — which is called Quizlet Learn — utilizes AI to create an adaptive study plan that adjusts to the users’ learning needs and can be scheduled to help them reach mastery by a specific date like a test or final. And Quizlet’s Smarter Grading & Feedback system can understand a student’s answer beyond a word-for-word match, determine what is correct, and what needs further understanding along with guiding the student’s studying.
In connection with the funding, General Atlantic Managing Director Peter Munzig will join Quizlet’s Board of Directors.
Key Quotes:
“Imagine if every person had access to an AI-powered tutor to help them confidently study anything they wanted to learn. The team at Quizlet wakes up every day excited to make students’ lives better by creating innovative tools that move our users towards mastery more quickly and more effectively. General Atlantic recognizes the value of technology’s impact on learning, and we welcome them as a long-term partner and strategic advisor as we pursue our next phase of growth.”
– Matthew Glotzbach, CEO of Quizlet
“Quizlet’s differentiated learning platform caters to a wide base of users who find value in the depth and breadth of the educational content it offers. Through aggregate and individual user behavior, Quizlet is able to curate and enhance learning experiences, an offering that resonates with its students and has enabled the company to capture significant momentum. General Atlantic is a strong backer of the digitization and personalization of education, and we are excited to leverage our expertise in this field to partner with Matt and the talented Quizlet team to continue to scale the business globally.”
– Peter Munzig, Managing Director at General Atlantic
