Salesforce Ventures, the corporate venture capital arm of enterprise software producer Salesforce, has joined other investors in a $100m series C round for Canada-based tutoring software provider Paper.
The round was led by venture capital and growth equity firm IVP, while VC firms Framework Venture Partners, Bullpen Capital, Reach Capital, Birchmere Ventures and BDC Capital also took part alongside an entity called ETW.
Paper operates an online educational support system through which school students can access on-demand homework help and feedback across more than 200 academic subjects.
The company claims its platform has supported more than 1 million students across North America, and it will use the funding to grow its business and invest in its software platform.
Paper rebranded from GradeSlam in March 2020 having raised $7.5m in a round led by Reach Capital that also featured internet technology provider Google, Bullpen Capital, Birchmere Ventures, BDC Capital, Real Ventures, Red House Education, Edovate Capital and Anges Quebec.
The company had received over $1m in early 2019 from investors including Google’s Assistant Investment programme in addition to Birchmere Ventures, BDC Capital, Reach Capital and Anges Quebec.
Birchmere Ventures led the company’s $1.6m seed round, in 2016, which was backed by BDC Capital, Anges Quebec, Real Ventures and Paper CEO Philip Cutler.