Toronto-based ed tech start-up Prodigy Education has completed a C$159 million (approximately £91.9 million) Series B funding round led by middle market and growth equity firm TPG Growth, with additional investment from its current investor, the Canadian Business Growth Fund (CBGF), which provides long-term, patient, minority capital.
Prodigy has a significant presence in North America and recent expanded into India, Australia, and the UK. The company stated that the funding will be used to accelerate its market reach, support the advancement of its Math Game, and bolster Prodigy Math Tutoring.
Prodigy added that in the past nine years, it has grown from 3,000 local users to more than 100 million registered users worldwide.
Rohan Mahimker, co-founder and co-chief executive of Prodigy, said: “We are incredibly humbled by TPG and CBGF’s commitment to our vision and to our products. From our beginnings as an undergraduate project nine years ago to today’s exciting announcement, we have always operated with a simple yet compelling mission – to help every student in the world love learning. It will continue to be our guiding light as we transform into a truly global leader in education.”
David Trujillo, partner at TPG, added: “Prodigy’s impressive growth is underpinned by a truly differentiated, game-based, and adaptive platform that is well-aligned with the core curriculum for Grades 1 through 8. Their commitment to their users and to their educational purpose is inspiring. We believe that Prodigy’s unique value proposition for teachers, parents, and students – through advanced technology that fosters a love of learning – positions the company to connect with users across the world.”
Trujillo and TPG Growth principal Jacqui Hawwa are joining Prodigy’s board.
George Rossolatos, chief executive of CBGF, said: “We are proud to continue our partnership with Prodigy by increasing our original investment. Alex [Alex Peters, co-founder and co-chief executive of Prodigy] and Rohan are great Canadian entrepreneurs and we are thrilled to support Prodigy as it continues to expand its global reach.”
Date published: 15 January 2021