Education Fund Sells Developer of Popular Adaptive Literacy Intervention
DreamBox Learning® expands from math into reading with acquisition of ReadingPlus®
CHICAGO, Aug. 18, 2021 /PRNewswire/ -- Avathon Capital today announced the sale of Reading Plus, a research-based software reading intervention and practice company that provides adaptive literacy instruction solutions for students in grades 3-12 to DreamBox Learning, a K-8 instructional software provider independently proven to positively impact student achievement in math. Originally a developer of groundbreaking eye movement recognition technology, Reading Plus is best known for its personalized and engaging platform, contemporary content, comprehensive set of instructional tools, and strong efficacy leading to improved reading fluency, comprehension, and motivation.
"From the moment we began our relationship with Avathon, they understood that investing in research, content, and results would be critically important and core to our commercial success," said Reading Plus founder Mark Taylor. "As a founder who transitioned from CEO to Chairman, I always had confidence in their commitment to our mission. They helped us to source the talent needed to provide more students the opportunity to improve their ability to read and were valued partners at every step in our journey."
Since Avathon's initial investment in 2019, Reading Plus has increased its number of school partners to nearly 8,000, doubled its content library for students, and invested in important technology for both learners and teachers. Today, the platform serves over one million students each year.
"Avathon provided us with not just capital, but a unique understanding of the K-12 education landscape as we navigated the complexity of the COVID-19 pandemic together," said Reading Plus CEO Steven Guttentag. "That spirit of collaboration provided us the wherewithal to emerge a stronger company and allowed us to meet the needs of students, teachers, and administrators to help mitigate the effects of the pandemic by accelerating reading achievement."
Reading Plus was Avathon's seventh platform and third exit. Earlier this year, the fund announced the sale of Panopto, a video content management software platform for both universities and businesses.
"From the outset, we believed in Reading Plus' mission to not only help students improve their literacy skills but to inspire them to love reading," said Jason Rosenberg, Managing Director at Avathon. "Reading Plus' growth reflects the team's commitment to focusing on learners and educators first. They have been wonderful partners and we know that they will continue to drive impact as part of the DreamBox family."
About Avathon Capital
Avathon Capital is an investment platform with over $400 million of assets under management that is committed to fostering innovation and impact in the education, training, and workforce management markets. Avathon's principals are curious, creative, determined, and thoughtful investors. They show up prepared and ready to turn their relationships and experience into a competitive advantage for their partners.
Avathon selectively targets opportunities where it can invest $10 to $50 million of equity capital and take a meaningful ownership position in companies with the potential to become enduring and strategically important businesses in their market. For more information visit: www.avathoncapital.com.
About Reading Plus
Reading Plus is an evidence-based, online program that provides personalized instruction and intervention for students, producing 2.0-2.5 years of proficiency and grade-level gains for striving students. The adaptive literacy program develops fluency, comprehension, and vocabulary, while also measuring student motivation. It supports students with diverse needs, including multilingual learners, students who qualify for special education services, RTI/MTSS Tiers 1–3, and advanced readers. Reading Plus provides educators with an easy-to-use management and reporting system, extensive resources to guide differentiated instruction, professional development, and highly rated customer support. Used in more than 7,800 schools, the Reading Plus program is helping over 1 million students become confident, lifelong readers. For more information, visit www.readingplus.com.
About DreamBox Learning
DreamBox Learning, founded in 2006 in Bellevue, Washington, is the only K-8 digital math program powered by students, built by and for educators, and independently proven to positively impact student achievement. DreamBox dynamically adapts and differentiates in real time based not only on students' answers, but also on how they solve problems. Along with actionable reporting and tools that empower differentiation for all learners, DreamBox gives teachers content-specific professional development and provides administrators with insights about how all students are progressing. The company's pioneering platform has won more than 40 top education and technology industry awards and is used by 200,000 teachers and nearly 5 million students in all 50 states, the District of Columbia, Puerto Rico, and throughout Canada and Mexico. For more information, visit www.dreambox.com.
SOURCE Avathon Capital
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