How Much Does Newsela Cost
Newsela, the replacement for textbooks, raises $100M and becomes a unicorn
Newsela, a SaaS platform for Chiliad-12 instructional material backed by the likes of TCV, Kleiner Perkins, Attain Capital and Owl Ventures, announced today that it has raised $100 1000000 in a Series D round. The financing was led by new investor Franklin Templeton, and brings Newsela'due south valuation to $1 billion. The new circular is larger than the amass of Newsela's prior capital raised to date.
"Hitting $ane billion [in valuation] doesn't change a thing," Newsela CEO Matthew Gross told TechCrunch. But the startup is joining Quizlet, ApplyBoard and CourseHero as companies within the sector that have hit the unicorn mark equally remote educational activity continues to proceeds traction.
Newsela has created a platform that strings together a number of different third-political party content, such every bit primary source documents or the latest National Geographic articles. Gross defines information technology every bit "material that isn't purpose-built for teaching, [but] purpose-congenital for being interesting and informative." If Newsela is doing its task right, the content can replace textbooks within a classroom altogether, while helping teachers requite fresh, personalized material.
"Textbooks are dead in classrooms, but are well-and-alive in district purchasing," Gross said. The startup is on a mission to distribute its product better, and the money will exist used to get information technology into more than classrooms. Function of this, Gross explains, is telling teachers what else it tin can provide along with textbooks. Analytics has become a big office of Newsela's business, as remote learning hurts student engagement.
The startup's paid product is between $vi to $14 per pupil, which contrasts with textbooks that can toll a schoolhouse $20 to $twoscore per student "even on an annualized basis."
Similar other edtech companies, Newsela offered its product for free in the beginning of the pandemic, which gave it a healthy bump of new users.
Newsela estimates that gross bookings accept grown 115% over the pandemic, and that acquirement grew 81%. Information technology declined to share acquirement numbers or if it has hit profitability. At that place will be more than 11 million students using Newsela licensing by the end of 2021, Gross said.
Newsela estimates that two-thirds of public schools in the United states are using their platform, likely aided by school district flexibility that has grown amid the pandemic.
How Much Does Newsela Cost,
Source: https://techcrunch.com/2021/02/25/newsela-the-replacement-for-textbooks-raises-100m-and-becomes-a-unicorn/
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