BenchPrep, a Chicago startup that helps education companies create online test prep tools for students, has landed $20 million in fresh funding.
The round was led by Chicago-based Jump Capital and Silicon Valley-based Owl Ventures. Other backers include NewView Capital and Revolution Ventures. The round brings BenchPrep's total funding to more than $28 million since it launched in 2009.
BenchPrep has grown quickly in recent years, tripling its revenue and employee headcount in the last two years. It moved into a new office at the Willis Tower in 2017 to keep up with its fast-paced growth.
“2018 was a banner year for BenchPrep. We are excited to help the leading education and training organizations modernize their learning programs to serve millions of learners,” Ashish Rangnekar, co-founder and CEO of BenchPrep, said in a statement.
Originally founded under the name Watermelon Express, BenchPrep won the University of Chicago's prestigious New Venture Challenge in 2010. The startup works with large educational training companies like McGraw Hill, ACT, and CFA Institute, who use BenchPrep’s technology to make tailored digital learning programs for their students to access on the web and mobile.
BenchPrep signed a handful of new clients in 2018, including Association of American Medical Colleges (AAMC), National Conference of Bar Examiners, Association of Supply Chain Management, American Institute of Architects (AIA) and Hewlett Packard Enterprise, the company said.
