Georgetown-based edtech company EverFi announced on Wednesday that it has raised $190 million in new funding. This announcement comes approximately nine months after the company debuted a $40 million Series C.
A total of $150 million of the total comes from a new social impact investing fund called The Rise Fund, led by TPG Growth (the private equity firm) and featuring partners like LinkedIn’s Reid Hoffman and U2 lead singer Bono. The rest of the money comes from existing investors (already an illustrious group) including Amazon CEO Jeff Bezos, Alphabet Chairman Eric Schmidt and Twitter cofounder Evan Williams.
The new influx of funds, a press release states, will be used “to advance EverFi’s vision for education innovation.”
“EverFi was founded on the idea that we could harness innovative, digital education to engage learners on some of the country’s most intractable issues — financial education, sexual assault prevention, workplace health, diversity and inclusion and more,” CEO Tom Davidson said in a statement. “Through this investment from The Rise Fund, we gain a partner that is not only interested in our ability to grow as a company, but also our ability to bring true education impact to all learners, regardless of zip code.”
Founded in 2008, EverFi creates edtech software for all ages and levels of education, from kindergarten to continuing adult education. It especially focuses in on “real world” skills like money management and STEM subjects, and the company can build white-label versions of its course work (say, on corporate compliance) for customers. It operates on a software as a service (SaaS) model.
Previously to this latest round EverFi had raised a total of $61 million — and to think we thought that was big ?. To be clear, this $190 million raise is huge for #dctech VC standards. The Washington Business Journal’s Andy Medici had this to say:
The District’s own @EverFi has raised a massive $190M round. One of the biggest the region has seen.
— Andy Medici (@WBJAndy) April 26, 2017