Labster, which produces virtual laboratory simulations, has raised $60 million in Series C funding in a round led by new investor Andreessen Horowitz, with participation by existing investors GGV Capital, Owl Ventures, Balderton Capital, David Helgason, founder of Unity Technologies, Northzone, Swisscom Ventures, and EduCapital.
The round brings Labster’s total capital raised to $100 million.
Boston-based Labster has 200 employees and supports more than 2,000 universities and high-schools, providing tens of thousands of courses to millions of students. The company said the latest round of capital will enable it to increase headcount. With customers in more than 70 countries, Labster said it is ambitious for expansion and is recruiting for all its major departments including engineering, product, sales and customer success. The company is also establishing operations in South America this spring.
Michael Bodekaer Jensen, founder and chief executive of Labster, said: “One of the biggest questions we asked ourselves throughout 2020 was how we could help improve learning outcomes and dramatically increase the motivation of the many students forced to learn from home. This round of funding will allow us to accelerate our global expansion and development of new science courses so we can help millions more students.”
Mads Bonde, founder and chairman of Labster, added: The pandemic has clearly shown that a lot of ed tech fails because it merely brings old teaching methods online, without tapping into the many technological possibilities that are leveraged for consumer apps and games. Students are bored and we’re losing out on the potential for so many future scientists. Labster’s game-based platform makes learning addictive. Our approach stimulates students’ natural curiosity and attains much higher learning outcomes. In the future, we will see new scientists, healthcare professionals, and science-literate adults who were first trained in a Labster simulation.”
Scott Kupor, managing partner at Andreessen Horowitz, added: “Labster recognises that if you combine the best aspects of in-person instruction and a game-based platform, it’s a transformative learning experience for students. We are excited to support the Labster team, especially now, when teachers and students are especially in need of its engaging virtual labs.”
Date published: 16 February 2021