Mastery Connect announced today that it has raised a $ 15.2 million Series B round led by Trinity Ventures and with participation of Pelion Ventures and Catamount Ventures. Larry Orr, general partner at Trinity Ventures, will join MasteryConnect's board of directors.
This latest round brings the total funding raised to more than $24 million in five rounds since the platform’s launch in 2009.
As one of the first MasteryConnect focused on the then newly introduced Common Core standard and provides real-time reporting about what students are learning relative to both state and Common Core standards.
In June of this year, MasteryConnect acquired fellow imagine K12 alumnus Socrative, a startup that created tools for classroom engagement, for $ 5 million in stock and cash. The acquisition doubled its employees from 35 in March 2014 to more than 70 today.
Cory Reid, CEO of MasteryConnect, states in the press release
“This funding round is further validation of our mission and will give us additional flexibility to build the tools today's educators need, many of which are free.”
MasteryConnect claims to have seen significant growth with its technology being utilized in 85 percent of U.S. school districts across all states and in more than 175 countries, reaching 21 million students and 1 million teachers. According to the startup its app is the most downloaded app for the Common Core.
With this latest round of funding MasteryConnect could potentially acquire other edtech startups to add new functionalities and users to its platform. In August venture capital database CB Insights shared that there are currently over 60 edtech startups in risk of becoming seed orphans, meaning they will not be able to raise a Series A round and therefore becoming easy acquisition targets for better funded competitors.
Further Reading
- MasteryConnect Raises $15.2 Million to Accelerate Development of Mastery Learning Platform for K-12 Education | Businesswire
Related Links
- MasteryConnect raises $1.1 million for Common Core Platform
- Assessment Platform MasteryConnect acquired Socrative for $5 million
- There are over 60 potential EdTech Seed Orphans in the US