Edmodo Secures $25 Million in Series C Funding Round Led by NEA; Fuels Increased Growth, Momentum in K-12 Learning NEA General Partner, Tony Florence, Joins Edmodo's Board
SAN MATEO, Calif., July 19, 2012 /PRNewswire/ -- Edmodo, the free and secure K-12 social learning network, today announced it has closed a $25 million Series C funding round led by new investor New Enterprise Associates, Inc. (NEA), including participation from existing investors Greylock Partners, Benchmark Capital, Union Square Ventures, and Learn Capital. The company also announced the appointment of NEA General Partner Tony Florence to Edmodo's board. With this financing, Edmodo has raised $47.5 million to date.
Edmodo enables educators to connect with each other and their students in a safe and secure way. From their browser or any mobile device or smartphone, teachers use Edmodo to conduct their classroom and their professional development conversations in a single always-on place, easily sharing educational project, resources, and assignments from the web and their own files.
Edmodo has had unprecedented growth in three years since launching in the 2008-09 school year, topping 8 million registered users in summer 2012. Classroom educators and school administrators in the U.S. and worldwide have shared Edmodo directly, and school districts have adopted the service on an institutional basis. At the close of the 2011-2012 school year, 85 of the largest 100 school districts in the United States had implemented Edmodo subdomains.
"Our board's financial commitment and expertise in building high growth Internet companies helps us cement a long term foundation for delivering meaningful value to teachers and school districts who use Edmodo," said Nic Borg, Edmodo's CEO and co-founder. "We're very excited to welcome NEA to the team."
"As a firm we're very active in the education technology arena, and Edmodo is far and away the most impressive social learning network in K12 education," said Tony Florence, General Partner at NEA. "The company's organic growth, its breadth of features and its powerful new API delivery platform have increasingly made Edmodo the go-to network for bringing innovative educational experiences directly to the classroom."
"Tony and the NEA team share our view that K12 educators around the world possess a common mission of helping students prepare for success in the knowledge-driven economy," said Reid Hoffman, Partner at Greylock Partners and co-founder and Executive Chairman of LinkedIn. "Edmodo has become the hub for sharing best practices and discovering content because teachers want access to each other and to the best learning resources in one place. We saw a similar thing occur on Facebook for friends and family sharing and on LinkedIn for sharing professional experiences, and we're very enthusiastic about the progress Edmodo has made towards becoming the educational network."
With eight million users and growing rapidly, Edmodo provides a safe and easy way for teachers and students to connect with each other to share content and access homework, grades and school notices. Edmodo enables teacher-to-teacher resource sharing, global professional development and networking opportunities, and is accessible from any Internet-enabled device. Schools and districts can establish unique Edmodo URLs and access additional management and analytic tools. Edmodo is free for teachers and students and always will be. Edmodo is headquartered in San Mateo, CA. Make your classroom a community at www.edmodo.com.About NEA:
New Enterprise Associates, Inc. (NEA) is a leading venture capital ﬁrm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. The ﬁrm's long track record includes more than 175 portfolio company IPOs and more than 290 acquisitions, including investments in technology leaders like Data Domain, CareerBuilder, Diapers.com, Fusion-io, Groupon, Juniper, Macromedia, Salesforce.com, and TiVo. In the U.S., NEA has ofﬁces in the Washington, D.C. metropolitan area; Menlo Park, California; and New York City. In addition, New Enterprise Associates (India) Pvt. Ltd. has ofﬁces in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has ofﬁces in Beijing and Shanghai, China. For additional information, visit www.nea.com.