Fiveable Closes $10 Million Series A Funding Led by Union Square Ventures to Fuel Student-led Social Learning
Rebecca Kaden, Managing Partner at Union Square Ventures, explains: "USV's thesis focuses on opportunities to leverage platforms and networks to broaden access by increasing value and decreasing cost. In education, we believe this is going to happen from outside of the current systems--new networks that emerge to provide value in ways that are far more personalized, accessible, and relatable to students. This is exactly what Fiveable is--a network and community of loyal and passionate students that is bottom-up, devoted, and quickly becoming essential to how students learn. We are thrilled to be a part of it."
MILWAUKEE, Sept. 28, 2021 /PRNewswire/ -- Fiveable, a social learning platform that has supported more than 7 million high school students since 2018, has raised $10 million in Series A funding led by Union Square Ventures with participation from Owl Ventures and Progression Fund. With the financing, Fiveable will build student-led online spaces such as community-powered content libraries and interactive study rooms to help students take ownership over their futures.
"Despite the inequities that remain across schools, this next generation of students refuses to wait for systemic change--and frankly, they don't have the time to do so," said Amanda DoAmaral, Co-founder and CEO of Fiveable. "Students are already finding one another online in their quest for support, motivation, and information; we're just elevating that experience by providing the much-needed infrastructure for social learning."
Through authentic content and community specifically built by and for students, Fiveable helps students grow together beyond the classroom. By providing students with access to resources, peer support, and collaborative tools, Fiveable exposes students to new realities and opportunities, putting the power back into their hands. The team has been committed to a student-first approach by hiring and paying student interns in all departments, supporting the entire student experience beyond just academics, and creating student focus groups that drive the company's roadmap.
Rebecca Kaden, Managing Partner at Union Square Ventures, explains: "USV's thesis focuses on opportunities to leverage platforms and networks to broaden access by increasing value and decreasing cost. In education, we believe this is going to happen from outside of the current systems--new networks that emerge to provide value in ways that are far more personalized, accessible, and relatable to students. This is exactly what Fiveable is--a network and community of loyal and passionate students that is bottom-up, devoted, and quickly becoming essential to how students learn. We are thrilled to be a part of it."
Fiveable's first community focused on making test prep accessible for the 3 million students taking Advanced Placement (AP) exams and quickly became the central hub for AP students across the globe. In 2021, Fiveable increased retention with its strategic acquisition of Hours, a virtual studying platform, scaled to offer 38 AP subjects, grew its user base 4x, and helped its students maintain a 92 percent pass rate on the exam.
Now, the goal is to reach the country's 18 million high school students with ongoing holistic support across areas like high school academics, SATs and ACTs, college and career exploration, vocational training, finances, mental health, activism, and more. To support these new initiatives, Fiveable will grow its team in the coming year with key hires across product, engineering, and design. Fiveable's current team is 50% women, 38% non-white, and 24% LGBTQ+.
"Building community is one of the most powerful drivers of student engagement," said Ross Darwin, Principal at Owl Ventures. "Fiveable's social learning platform is helping students who may be thousands of miles away from each other to build bonds around shared interests, leading to more active and vibrant learning."
"Providing students with academic support is critical; but so is taking a holistic approach to their personal growth by introducing topics like financial literacy or sharing actionable advice related to mental health," said Tán Ho, Co-founder and Chief Experience Officer at Fiveable. "We're not here to implement traditional learning models. We're here to build community-driven support systems that empower young people to see themselves not only as students but also as forces of change and inspiration."
The Series A brings Fiveable's funding total to $14.2 million. BBG Ventures led the previous seed round with support from Serena Williams' Serena Ventures, Chelsea Clinton's Metrodora Ventures, Swell Partners, SoGal, Spero Ventures, Matchstick Ventures, Cream City Venture Capital, Deborah Quazzo, 27V, Emerson Collective, Darrell Silver, Beta Boom, gener8tor and Golden Angel Investors.
ABOUT FIVEABLE
Fiveable is on a mission to create educational equity through social learning. The student-centered platform includes a robust content library, engaging community spaces on Hours, and interactive experiences that connect students who are learning the same thing at the same time. Fiveable was co-founded in 2018 by educator and activist Amanda DoAmaral along with community builder Tán Ho and has supported more than 7M high school students. For more information about Fiveable, please visit fiveable.me or follow on Twitter, Instagram or TikTok @thinkfiveable.
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