Quizlet Raises Series C Funding from General Atlantic

Global AI-powered study platform closes $30 million funding round led by General Atlantic to help people learn more effectively

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Quizlet

May 13, 2020, 10:00 ET

SAN FRANCISCO, May 13, 2020 /PRNewswire/ -- Quizlet, the global learning platform known for its engaging AI-powered study tools, today announced a Series C funding round of $30 million, led by General Atlantic, a leading global growth equity firm. The capital will help fuel Quizlet's continued product innovation with an emphasis on data science and machine learning capabilities, as well as aiding strategic expansion opportunities that align with Quizlet's mission to help people practice and master whatever they want to learn.

Quizlet, which allows learners to create, share and consume high-quality user-generated content, caters to a diverse userbase across geographies and stages of education. Quizlet continues to scale, with more than 50 million active users a month and over a billion questions answered on the platform each week, and with two-thirds of high school students and half of all college-aged students in the United States on the platform. Students and teachers can access over 400 million user-generated study sets, or create their own, to study across activities ranging from flashcards and practice questions to interactive diagrams and games.

Quizlet's AI-powered platform is able to personalize and adapt study sessions for each user, helping students focus on what they need to learn. Of note:

Quizlet's most popular study activity, Quizlet Learn, leverages AI to create an adaptive study plan that adjusts to the users' learning needs and can be scheduled to help them reach mastery by a specific date, such as a test or final.
Quizlet's Smarter Grading & Feedback system can understand a student's answer beyond a word-for-word match, determine what is correct and what needs further understanding, and then guide the student's studying.

"Imagine if every person had access to an AI-powered tutor to help them confidently study anything they wanted to learn. The team at Quizlet wakes up every day excited to make students' lives better by creating innovative tools that move our users towards mastery more quickly and more effectively," said Matthew Glotzbach, CEO of Quizlet. "General Atlantic recognizes the value of technology's impact on learning, and we welcome them as a long-term partner and strategic advisor as we pursue our next phase of growth."

Peter Munzig, Managing Director in General Atlantic's Technology investing sector, continued, "Quizlet's differentiated learning platform caters to a wide base of users who find value in the depth and breadth of the educational content it offers. Through aggregate and individual user behavior, Quizlet is able to curate and enhance learning experiences, an offering that resonates with its students and has enabled the company to capture significant momentum. General Atlantic is a strong backer of the digitization and personalization of education, and we are excited to leverage our expertise in this field to partner with Matt and the talented Quizlet team to continue to scale the business globally."

As part of the transaction, Mr. Munzig will join Quizlet's Board of Directors. Additional terms of the deal were not disclosed.

About Quizlet
Quizlet is a global learning platform that provides engaging study tools to help people practice and master whatever they are learning. Every month, over 50 million students, teachers and everyday people use Quizlet to study any subject imaginable for school, work or as part of their personal interests -- including 2 in 3 high school students and 1 in 2 college students in the US. Combining cognitive science and machine learning, Quizlet guides students through adaptive study activities to confidently reach their learning goals. The company offers a combination of free and paid subscriptions for both students and teachers that enable further customization. Quizlet is headquartered in San Francisco, California and is backed by Icon Ventures, Union Square Ventures, Costanoa Ventures and General Atlantic. For more information, please visit www.quizlet.com.

About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 150 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit: www.generalatlantic.com.