Fiveable, an EdTech startup based in Milwaukee, has raised $10 million in Series A funding to continue developing its educational social media platform.
The round was led by Union Square Ventures with participation from other investors like Progression Fund and Owl Ventures. This capital brought Fiveable’s total funding raised by the startup since 2019 to $14.2 million. Managing Partner at Union Square Ventures, Rebecca Kaden referred to the firm’s decision to participate by stating::
“USV’s thesis focuses on opportunities to leverage platforms and networks to broaden access by increasing value and decreasing cost. In education, we believe this is going to happen from outside of the current systems–new networks that emerge to provide value in ways that are far more personalized, accessible, and relatable to students. This is exactly what Fiveable is–a network and community of loyal and passionate students that is bottom-up, devoted, and quickly becoming essential to how students learn. We are thrilled to be a part of it.”
Founded in 2018 by Amanda DoAmaral and Tán Ho with the mission to deliver educational equity through social learning, the startup has enjoyed increasing success over the past years. In 2021 alone, Fiveable’s user base quadrupled and its students’ exam pass rate reached 92%. With authentic content and a specially built community with access to resources, the startup’s platform provides an opportunity for students to grow together and gain exposure to real experienced beyond the virtual classroom.
The new funds will allow Fiveable to focus its efforts on building an online space to boost student-led social learning. The platform developed by the startup includes a content library, community spaces, and interactive research labs. Fiveable Co-Founder and CEO Amanda DoAmara said about the startup’s mission:
“Despite the inequities that remain across schools, this next generation of students refuses to wait for systemic change–and frankly, they don’t have the time to do so. Students are already finding one another online in their quest for support, motivation, and information; we’re just elevating that experience by providing the much-needed infrastructure for social learning.”
With the Covid19 pandemic shifting education to a remote online learning environment, education institutions have sought new ways to improve engagement to ensure students can get the best learning experience possible. The edtech startup believes that it can reach 18 million high school students in the United States by offering just that, ensuring the shift to remote learning doesn’t have a negative impact on their education.