Labster Secures $60M in Series C Funding Led by Andreessen Horowitz
The game-based learning platform expands the reach of its virtual labs to help educators and students around the world
BOSTON, Feb. 10, 2021 /PRNewswire/ -- Labster, the award-winning producer of virtual laboratory simulations, today announced it raised $60 million in Series C funding. The round was led by new investor Andreessen Horowitz, joined by existing investors GGV Capital, Owl Ventures, Balderton Capital, David Helgason, founder of Unity Technologies, Northzone, Swisscom Ventures, and EduCapital. The round brings Labster's total capital raised to $100 million.
Named one of Newsweek's 50 U.S. Businesses That Stood Out During the Pandemic, Labster's core team of 200 employees supports over 2,000 universities and high-schools, tens of thousands of courses, and millions of students who use Labster. The latest round of capital will enable Labster to focus on growing the size of its global team to serve students around the world.
Currently in 70+ countries, Labster has already put together an ambitious roadmap for expansion, and is now hiring across all major teams such as engineering, product, sales and customer success. The company will establish operations in South America this spring in the next stage of its plan to serve educators and students around the world with virtual lab simulations for hybrid, remote, and in-person learning modalities.
"One of the biggest questions we asked ourselves throughout 2020 was how we could help improve learning outcomes and dramatically increase the motivation of the many students forced to learn from home," said Michael Bodekaer Jensen, Founder & CEO of Labster. "This round of funding will allow us to accelerate our global expansion and development of new science courses so we can help millions more students."
Mads Bonde, Founder and Chairman of Labster, cited the company's unique learning product as the reason for its growth. "The pandemic has clearly shown that a lot of ed tech fails because it merely brings old teaching methods online, without tapping into the many technological possibilities that are leveraged for consumer apps and games. Students are bored and we're losing out on the potential for so many future scientists," said Bonde. "Labster's game-based platform makes learning addictive. Our approach stimulates students' natural curiosity and attains much higher learning outcomes. In the future, we will see new scientists, healthcare professionals, and science-literate adults who were first trained in a Labster simulation."
Labster is growing its core offerings to meet the needs of educators and students who are determined to continue learning without interruption due to the pandemic or the many other barriers to education. They are exploring additional ways to extend their award-winning virtual lab platform to students of all backgrounds, including those who may not have laptops or broadband Internet service. In the future, some students may use mobile devices to access Labster's high-quality virtual lab simulations.
"Labster recognizes that if you combine the best aspects of in-person instruction and a game-based platform, it's a transformative learning experience for students," said Scott Kupor, Managing Partner at Andreessen Horowitz. "We are excited to support the Labster team, especially now, when teachers and students are especially in need of its engaging virtual labs."
"If 2020 has taught us anything, it's that students everywhere need access to high-quality learning anywhere," said Jenny Lee, Managing Partner at GGV Capital. "We believe Labster successfully leverages its game engine to deliver interactive virtual lab experiences that consistently engage science students whether they are learning inside a school building or at home."
"It has been incredible to watch Labster's progress over the past four years as they have pushed forward their mission of democratising high-quality education," says Lars Fjeldsoe-Nielsen, who led Labster's Series A for Balderton Capital, "Adoption has already skyrocketed across Europe and North America, and the team is now building on this momentum, bringing access to best-in-class education to new corners of the world and inspiring the next generation of scientists."
Labster's focus continues to be on supporting instructors as they empower their students to become the next generation of scientists to change the world. Labster simulations have proven to be a complementary learning tool for in-person university and high school education and have also been an essential resource to many hybrid and online courses.
To learn more about Labster and its virtual labs, please visit: www.labster.com
About Labster
Labster is dedicated to developing fully interactive virtual laboratory simulations that are designed to stimulate students' natural curiosity and highlight the connection between science and the real world. The simulations can be used in a variety of different ways, from a full lab replacement to a supplemental learning activity. Labster works in collaboration with over 2,000 colleges, universities and high schools around the world, including MIT, Yale, ETH Zürich, the University of Cambridge, and Imperial College. To join the team or learn more, visit careers.labster.com or www.labster.com.
About Andreessen Horowitz
Andreessen Horowitz backs bold entrepreneurs who move fast, think big, and are committed to building the next major franchises in technology. Founded by Marc Andreessen and Ben Horowitz, the firm provides entrepreneurs with access to expertise and insights in innovation, executive and technical talent, market intelligence, business development, and marketing and brand-building. Find us in Menlo Park, Calif., and at www.a16z.com.
Contact: Jayson Lynn, [email protected]
SOURCE Labster
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