Quizlet Secures $20M in Series B Funding

SAN FRANCISCO, Feb. 6, 2018  /PRNewswire/ -- Quizlet, the largest user-generated consumer learning platform used by one in two U.S. high school students and one in three U.S. college students, today announced it has raised $20 million in Series B funding. The round was led by Icon Ventures, with Union Square Ventures, Costanoa Ventures, Owl Ventures and Altos Ventures participating in follow-on investments. The Series B funding will be used to accelerate the company's artificial intelligence capabilities, build out its data science team and increase Quizlet's international footprint. With today's announcement, Quizlet's funding now totals $32 million.

Students of all ages want creative, collaborative and innovative tools that keep them engaged and mastering subjects. Last year, Quizlet launched Quizlet Learn and Quizlet Diagrams, which use the machine-learning-powered Learning Assistant Platform to process data from billions of anonymous study sessions, and then combines that data with proven techniques from cognitive science to more effectively help students learn. The Series B funding will allow Quizlet to expand its engineering team so it can continue innovating on its existing platform, and make additional data science, artificial intelligence and technology investments in the future.

"Quizlet is an integral part of how people study and learn around the globe," said Matthew Glotzbach, CEO at Quizlet. "We're excited that this new capital will allow us to make key investments in the Quizlet platform, grow our company and work toward our vision of providing an AI-powered tutor to help anyone learn anything."

After experiencing triple-digit year-over-year international user growth in 2017, Quizlet will also expand its international presence. Starting in Europe and following with Asia, Quizlet will begin hiring people in market to help to bring Quizlet to as many global learners as possible.  

"Over the last 11 years, Quizlet has grown from a tool that helped Andrew Sutherland, its founder, study for his high school French exam, to a scalable and monetizable study platform for people around the globe," said Jeb Miller, general partner at Icon Ventures. "Quizlet's impact on students and teachers alike has been instrumental in the educational landscape, and we're excited to bring the full resources of our team to work to help them reach the more than 1.4 billion students globally."

For more information, please visit www.quizlet.com.

About Quizlet
A secret weapon for one in two high school students and one in three college students – and a total of over 30 million people each month – Quizlet is the largest user-generated consumer learning platform in the U.S., using activities and games to help students practice and master what they're learning. Quizlet's learning activities help people effectively study over time so they can master foundational information and retain it long-term. With more than 200 million user-created study sets currently available, students and teachers can find content from others or create their own. Quizlet supplements existing modes of learning, enabling students to engage with any material in the ways they learn best and providing a knowledge base for teachers to share content with one another. The company offers a combination of free and paid subscriptions for both students and teachers that enable further customization.

Quizlet was founded in 2005 by then-high-school-student Andrew Sutherland to study for a French exam. It is headquartered in San Francisco, California and is backed by Icon Ventures, Union Square Ventures, Costanoa Ventures, Owl Ventures and Altos Ventures. For more information, please visit www.quizlet.com.

About Icon Ventures
Based in Palo Alto and San Francisco, CA, Icon Ventures is a specialty venture capital firm focused on leading Series B or C financings. With over $1 billion under management, Icon co-invests with the world's leading venture firms in companies that are category winners at their earliest stages of momentum. Icon Ventures investments include market-leading companies such as Aster Data, FireEye, 41st Parameter, Infinera, MoPub, Palo Alto Networks, Proofpoint and Teladoc. For more information visit: iconventures.com and follow @iconventures.

SOURCE Quizlet

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http://www.quizlet.com