As a part of the $75M Series C, Outschool will be dedicating 2% of stock for an educator fund
San Francisco, CA – April 14, 2021 – Today, Outschool announced a $75M Series C raise at a $1.3B valuation for its K-12 education marketplace. This Series C funding comes on the heels of a $45M Series B raise last summer to meet the continued increase in demand for online classes and camps. The latest round of funding is co-led by Tiger Global Management and Coatue. Additional participants in the round include Lightspeed Ventures, Union Square Ventures, and Reach Capital.
Outschool is an innovative education platform that offers a variety of engaging, small-group classes online. Unlike traditional classes, Outschool gives kids the unique opportunity to explore their interests in-depth with interactive classes taught via live video by experienced, independent teachers and organizations. After a banner year in 2020 where bookings went from $6M to over $100M, Outschool has continued its rapid growth into 2021 with record breaking enrollment.
"Outschool is on the forefront of personalized online learning, which we believe will play an increasingly important role in education post-pandemic. As Outschool's talented team innovates in this new education paradigm through enrichment, supplemental academics and camps, we are excited to partner with them to benefit learners around the world," said Evan Feinberg, Partner, Tiger Global Management.
This latest round of funding will be used to help the company to grow and expand globally where the demand by learners outpaces the availability of classes. Outschool will also continue to invest in its newly created B2B offering that allows businesses to provide online classes as a company benefit.The company also is continuing to grow its partnerships with schools and districts for supplemental learning and afterschool programs. In addition to utilizing the funds for hiring and expansion, the company is setting aside 2% of stock for the benefit of teachers in a fund dedicated to educators, which would be available in the event of liquidity or IPO. Details of the fund will be forthcoming at a later date; however, the primary purpose of this fund will be to recognize the teachers on the platform and the contributions they have made to the company’s success.
“The pandemic has been a time of many families and schools rethinking their approaches to education. Outschool educators have played such an important role and thrive in this environment where they get to share their passions and expertise in creating classes that kids are going to love. This year of distance learning has been exceptionally difficult for all teachers and Outschool wants to recognize the incredible contribution educators make to our children. The educator fund is being created in appreciation for these teachers who are so central to our mission of inspiring kids to love learning. We know that moving into the future education needs to change and become more personalized,” said Amir Nathoo, CEO of Outschool.
“We hear regularly from parents how a particular Outschool teacher has made a difference in the life of a learner. That is the motivation behind the fund is simply to say thank you for your amazing contribution. We want teachers to share in the overall success of our company and the global learning community that we’re creating together. ”
Classes on Outschool range from one-time enrichment classes to ongoing social clubs to week long camps and ongoing courses. Classes are offered across all subjects, and for learners ranging from age 3 to 18. Our non-profit arm Outschool.org is also available for families with a financial need to access classes and camps. Outschool.org has donated over $3M to schools, after school programs and families in need since its inception in April 2020.
For more information about Outschool or to join the team, visit Outschool.com.
Outschool offers live online education experiences that connect real-life teachers with learners in small-group settings to explore everything from Minecraft, Pokemon and Cooking to Chemistry, Algebra and Literature. With over 100,000 online classes offered by teachers to learners around the globe, Outschool helps supplement what is often missing from a more traditional education. Outschool’s mission is to inspire kids to love learning by making education fun, social and self-directed.
Classes on Outschool range from one-time enrichment lessons to semester-long core courses and weekly social clubs. Classes are offered across all subjects, and our learners range from age 3 to 18. More information can be found at outschool.com.