American company Newsela that seeks to replace textbooks in classroom learning, announces the raise of US $100 million in its Series D round late in February 2021. The round witnessed major participation from new investor Franklin Templeton.
Investors: The round brings the valuation of Newsela to US $1 billion and the amount raised in it is posited to be higher than the cumulative amounts raised to date.
As mentioned earlier the round witnessed major participation from Franklin Templeton, an American multinational investment firm founded in New York in 1947. It describes itself as one of the world’s largest asset managers. Over the course of 70+ years of experience, it has garnered the trust of millions of individuals and institutional investors, helping them multiply their net worth through exceptional and carefully oriented investments. It currently has around US $ 1.4 trillion as assets under management
The round also witnessed participation from previous investor TCV along with Owl Ventures, Tao Capital Partners, Chan Zuckerberg Initiative, and Waycross Ventures.
The new investment, according to Newsela, would be utilized to develop a SaaS platform and create a more complete digital-first instructional materials solution for K-12 education.
About Newsela: Founded in 2013 by Matthew Gross, Newsela is a digital content providing platform that seeks to replace the role of textbooks in formal education. It assembles content from wide and distinguished sources from National Geographic to NASA. Its mission in its own words is to introduce meaningful classroom learning for every student.
Further it describes itself as follows-“ Educators, parents, siblings, and friends who aren’t satisfied with the quality of the content our students are exposed to. We know they deserve better and are committed to bringing authentic, engaging, diverse and accessible content to all learners.”
Some of the highlights of its journey are: it currently serves about 90% of American public schools, with over 25 million students and 2 million teachers; it is named one of Fast Company’s Most Innovative Companies 2 years in a row and it is Named one of Deloitte’s Fastest Growing Tech Companies 2 years in a row.
What the CEO has to say:
“Hitting $1 billion [in valuation] doesn’t change a thing. Textbooks are dead in classrooms but are well-and-live in district purchasing”–Matthew Gross, founder and CEO of Newsela.
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