Milwaukee, Wisconsin-based Fiveable, a social learning platform for high school students, has raised $10 million in Series A funding led by Union Square Ventures with participation from Owl Ventures and Progression Fund.
Fiveable stated it will use the funding to “build student-led online spaces such as community-powered content libraries and interactive study rooms to help students take ownership over their futures”.
Fiveable’s first community focused on making test prep accessible for the three million students taking Advanced Placement (AP) exams. This year, Fiveable acquired Hours, a virtual studying platform, offering 38 AP subjects.
The company said it wants to expand into areas such as high school academics, SATs and ACTs, college and career exploration, vocational training, finances, mental health, and activism, and will increase its headcount with hires across product, engineering, and design.
Amanda DoAmaral, co-founder and chief executive of Fiveable, said: “Despite the inequities that remain across schools, this next generation of students refuses to wait for systemic change – and frankly, they don’t have the time to do so. Students are already finding one another online in their quest for support, motivation, and information; we’re just elevating that experience by providing the much-needed infrastructure for social learning.”
Rebecca Kaden, managing partner at Union Square Ventures, added: “USV’s thesis focuses on opportunities to leverage platforms and networks to broaden access by increasing value and decreasing cost. In education, we believe this is going to happen from outside of the current systems – new networks that emerge to provide value in ways that are far more personalised, accessible, and relatable to students. This is exactly what Fiveable is – a network and community of loyal and passionate students that is bottom-up, devoted, and quickly becoming essential to how students learn. We are thrilled to be a part of it.”
Ross Darwin, principal at Owl Ventures, said: “Building community is one of the most powerful drivers of student engagement. Fiveable’s social learning platform is helping students who may be thousands of miles away from each other to build bonds around shared interests, leading to more active and vibrant learning.”
Tán Ho, co-founder and chief experience officer at Fiveable, commented: “Providing students with academic support is critical; but so is taking a holistic approach to their personal growth by introducing topics like financial literacy or sharing actionable advice related to mental health. We’re not here to implement traditional learning models. We’re here to build community-driven support systems that empower young people to see themselves not only as students but also as forces of change and inspiration.”
The Series A brings Fiveable’s funding total to $14.2 million. BBG Ventures led the previous seed round with support from Serena Williams’ Serena Ventures, Chelsea Clinton’s Metrodora Ventures, Swell Partners, SoGal, Spero Ventures, Matchstick Ventures, Cream City Venture Capital, Deborah Quazzo, 27V, Darrell Silver, Beta Boom, gener8tor and Golden Angel Investors.
Date published: 5 October 2021