Schoology Raises $32 Million To Bring Personalized Learning to Every Student
Today we announced that Schoology has raised an additional $32 million in growth capital. This round of funding was led by JMI Equity, a growth equity firm focused on investing in leading software and services companies, with participation from our great existing investors FirstMark Capital, Intel Capital, and Great Road Holdings. This latest investment brings Schoology’s total funding to $57 million.
We are so excited to be working with JMI Equity, and I’m thrilled to officially welcome Jit Sinha to our Board of Directors. We will use this new capital to continue to fulfill our mission of advancing what is possible in education by providing the platform that connects the people, content, data, and systems that fuel education. We are confident that with the support of our customers and users we will continue to make this mission a reality.
Some of you are less familiar with Schoology and are wondering what is happening that merits such a large investment. To put it simply, school districts, colleges, and universities have been striving to personalize the education of every student for years, but there hasn’t been a teaching and learning solution that could help them do it. It’s been frustrating for those institution leaders. And the industry has been littered with point solutions that didn’t integrate well and weren’t easy to use—which resulted in low adoption rates and failures to deliver real educational value.
We started Schoology in 2009 specifically to overcome this and provide customers with the first education cloud that allows educators and students to collaborate and connect all digital resources on one intuitive platform. We designed our platform to be user-centric and simple to use, yet powerful enough for enterprise-wide deployment. As a result we’ve been able to combine unparalleled user adoption with the strongest in-platform capabilities in the industry.
This funding comes during a flagship year for Schoology. We have had over 400 new school districts and higher education institutions adopt our enterprise system. Additionally, we have surpassed over 1,000 total enterprise customers and 12 million users. On top of adding over 100 new talented team members, we expanded our senior leadership team to include seasoned software executives, such as Norman Weissberg as Chief Revenue Officer, Melton Littlepage as Chief Marketing Officer, and Michael Brinkman as Chief Technology Officer.
We could not have asked for a stronger partner than JMI Equity, and I want to thank Jit Sinha, Paul Barber, Larry Contrella, Vincent Prajka, Sam Kentor, and the rest of the JMI team for starting this new chapter with us.
I also want to thank our board members and investors Amish Jani (FirstMark Capital), Sumeet Jain (Intel), Brent Chudoba (Independent Director from SurveyMonkey), and Glen Meakem (MBVC & CEO/Forever.com).
We would not be where we are as a company without our incredible team at Schoology, our passion for education, and, of course, all of you who have used, and continue to use, Schoology to support your teaching and learning.
Thank you all for your support.
Jeremy Friedman, Co-founder & CEO