Education technology company Varsity Tutors has closed a $50 million Series C funding round.
The latest funding assisted the technology company to reach its total funding to $107 million. The round was led by Learn Capital, with participation from The Chan Zuckerberg Initiative and existing investor TCV.
Varsity Tutors plans to increase the number of experts from 40,000 in more than 1,000 subjects and tests. The edutech company will enhance the number of experts in a big way as it targets new verticals outside of tutoring and new international markets.
Varsity Tutors said it aims to focus on product innovation, including expansion of its Instant Tutoring product, which allows learners to connect with live experts in 15 seconds in 150 subjects.
The company said over 100,000 students have relied on online, mobile and in-person live instruction to meet their personal and professional goals.
Learners have accessed more than three million hours of live instruction on the platform. Online, mobile and instant tutoring now account for the majority of Varsity Tutors’ business with a product satisfaction rating of 4.9/5.0.
“Advances in technology have allowed us to create a platform that provides instant access to the expertise you need in real time. Learners using Varsity Tutors are now benefiting from a far better experience online than has ever been possible offline,” said Chuck Cohn, founder and CEO of Varsity Tutors.
In 2017, Varsity Tutors acquired First Tutors, the largest tutoring marketplace in Europe. It has also acquired four educational content websites to introduce Varsity Tutors to millions of new users.
