StudyBlue Secures $9 Million Series A-1
Leading Mobile Study Platform Announces New Investment from Great Oaks Venture Capital, WARF and Existing Investors to Grow Community and Expand Online and App-based Tools
Madison, WI – January 4, 2013 – StudyBlue, the leading mobile and social study platform, today announced a $9 million Series A-1 funding round led by Great Oaks Venture Capital with participation from the Wisconsin Alumni Research Foundation (WARF) and existing investors. The new investment will help StudyBlue to build on its strong momentum as the leader in the mobile education technology space, with a user base today of more than 2.5 million who have created and shared 100 million study materials across the Web and iPhone, iPad (iOS) and Android apps.
“We are experiencing rapid growth. This financing allows us to further expand our community and platform to help students master their course material faster, said Becky Splitt, StudyBlue’s CEO. “Our online, mobile and social tools connect students to a comprehensive crowd-sourced library of content on nearly any subject, and to each other, in a highly relevant way.
Students are hungry to move their backpack off their back and into their phone – nearly 1.5 million of StudyBlue’s current users have joined in just the last year. Because students use StudyBlue to turn their study materials into flashcards and quizzes, the company has amassed the largest and fastest growing library of student generated study materials in higher education, with over 100 million ranging from anthropology to zoology and every subject in between.
“We are really excited to be a part of the StudyBlue movement,” said Andy Boszhardt, Partner, Great Oaks Venture Capital. “The entire edtech industry is seeing tremendous growth and StudyBlue has particularly impressive traction in the space with over 2.5 million registered users who use its platform across a myriad of devices. They are in a perfect position to expand the audience of students they serve and we’re really pleased to be a part of that.”
“We see Great Oaks as a perfect complement to our efforts” said StudyBlue Founder Chris Klundt. “Their breadth of experience across consumer, mobile and online businesses as well as a commitment to the edtech industry makes this a great partnership.”
StudyBlue provides students with a “digital backpack” that helps them store and organize their class study materials, turn them into digital flashcards and quizzes, and compare them with others studying the same subjects. The cross device platform allows students to pick up where they left off wherever they are, in class, on campus, waiting for the bus or waiting on breakfast.
“We’re pleased to support development of StudyBlue’s mobile education technology and view this as an opportunity to participate in an emerging segment of the educational technology market,” said Carrie Thome, director of investments for WARF. “We believe the combination of the strong management team and other investment partners including Great Oaks will help this homegrown technology find even broader acceptance among students nationwide.”
With the education technology sector continuing to show strong growth and potential, it’s clear that investors are bullish on how technology is going to shape the educational experience for instructors and learners alike. As 2013 opens, the educational sector will continue to see disruptive technology as a positive force in and out of the classroom.
StudyBlue is made for students. Its mobile and social study platform empowers a generation of ambitious digital natives who expect and deserve high quality digital study resources. The StudyBlue community today consists of more than 2.5 million students who have shared 100 million study materials across the Web and iPhone, iPad (iOS) and Android apps. Using the knowledge of the masses, StudyBlue delivers study materials that are matched specifically to the individual, according to the classes they’re taking, the subjects they study and the classmates they’re connected to. StudyBlue helps students learn better. Learn together. And get smarter.