Newsela, a US-based instructional content platform developer backed by educational services provider Kaplan, raised $50m in series C round funding from growth equity firm TCV on Wednesday.
Founded in 2013, Newsela has built an online platform with educational content from more than 100 third-party sources including space agency Nasa and media outlets National Geographic and Washington Post.
The product relies on interactive tools and analytics to personalise content, helping students understand subjects more thoroughly and fostering their curiosity. The series C funding will support the company’s expansion across the US.
The proceeds will also go towards a new offering called Custom Collections, which enables school districts to customise content and match it to their curriculum standards. TCV general partner Woody Marshall has joined Newsela’s board of directors in connection with the deal.
Newsela participated in Kaplan EdTech Accelerator’s inaugural cohort in 2013 before the corporate’s strategic investment arm, Kaplan Ventures, contributed to a $1.2m seed round later the same year.
New Schools Venture Fund and Kapor Capital co-led the seed round, which included Silicon Badia and assorted angel investors. Owl Ventures led Newsela’s $4.1m series A round in 2014, investing alongside Knight Foundation and various individuals.
The company received $15m the following year in a series B round led by Kleiner Perkins Caufield & Byers and backed by Owl Ventures, Knight Foundation, Women’s Venture Capital Fund, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan.
