Mobile study platform StudyBlue secures $9m in series A investment which saw participation from the Wisconsin Alumni Research Foundation.
StudyBlue, a US-based mobile study platform, has announced that it has received $9m in a series A round led by Great Oaks Venture Capital with participation from Wisconsin Alumni Research Foundation (WARF), which licences technologies to Wisconsin-based companies from the University of Wisconsin-Madison.
The investment will be used to strengthen StudyBlue’s position in the mobile education space. The firm currently has a user base of more than 2.5m, which uses the platform to access study materials across iOS and Android devices.
The education technology sector saw rapid growth over 2012, driven in no small part by the disruptive force of Massive Open Online Courses (MOOCs). Many universities are debating whether to adopt MOOCs in 2013, with online study platforms such as StudyBlue being considered as another way for the institutions to adapt to new technologies.
“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, chief executive officer at StudyBlue. “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.”
“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.”
