More investors, including Chelsea Clinton, the daughter of former U.S. President Bill Clinton and Democratic presidential nominee Hillary Clinton, are backing Milwaukee's Fiveable.
The Milwaukee-based company, which operates live streamed study sessions for high school students preparing for Advanced Placement exams, announced Wednesday it has raised an additional $2.3 million from private investors.
Earlier this year, the company, founded by Amanda DoAmaral, closed on a $1.2 million round of funding.
The new round of funding was led by New York's BBG Ventures, a venture capital firm focused on investing in female founders.
Other investors included Metrodora Ventures, which is Chelsea Clinton's new fund that's making one of its first investments; Cream City Venture Capital, the $5 million Milwaukee fund operated by Northwestern Mutual; Brookfield-based Golden Angel Investors; Matchstick Ventures; Twenty Seven Ventures; SoGal; Spero Ventures in California; and Deborah Quazzo, the managing partner at GSV Ventures in San Francisco.
"Investing in solutions that answer young people's needs and challenges is an investment in our country's future," Clinton said in a statement provided by Fiveable. "As we launch Metrodora Ventures, we're thrilled to be supporting a leader like Amanda, whose passion for democratizing access to high quality education is at the core of every decision, and a company like Fiveable that fosters creativity and critical thinking for students inside and outside the classroom."
Fiveable is currently serving 1.5 million high school students. Over the last three years, students who studied with Fiveable achieved a 92% pass rate on AP exams, the company stated.
"When we brought students into the product development process, we found that their main challenges were more about isolation and motivation rather than a lack of resources," DoAmaral said. "While Covid-19 has escalated this, a community to connect students across school boundaries has been sorely needed for a long time. We’re grateful to have an incredible group of investors behind us who share our vision and support our student-first approach."
