Milwaukee education technology startup Fiveable Inc. has raised a $10 million Series A round to expand beyond high school standardized test preparation support, the company announced Tuesday.
The round was led by New York City's Union Square Ventures, which has also invested in other online learning platforms like Quizlet and Duolingo, and social media platforms Twitter and Tumblr. Owl Ventures, a San Francisco edtech venture firm founded by TikTok alumni, and California-based Progression Fund, also invested.
Since its founding in 2018, Fiveable's social learning platform has engaged more than 7 million high school students with its online community that was originally focused on Advanced Placement (AP) test prep. With the new funding, Fiveable will grow its team to target 18 million U.S. high school students, covering topics including high school academics, college and career exploration, vocational training, finances and mental health.
“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,” Fiveable co-founder and chief experience officer Tán Ho said in a statement.
The company will expand its content library of study guides; grow Hours, the virtual study platform it acquired earlier this year, into an online community for student organizations and activism; and support students with stress management, collaboration and relationship building.
Fiveable began its push beyond AP test prep this summer, with its 10-week College Summer Program that featured live events with experts discussing college application and financial aid topics.
With its latest round of funding, Fiveable has raised $14.2 million to date, according to the company. Union Square Ventures managing partner Rebecca Kaden will join Fiveable's board of directors.
Previous Fiveable investors include celebrities Serena Williams, through her investment firm Serena Ventures, and Chelsea Clinton, via her firm Metrodora Ventures. Several Wisconsin- and Milwaukee-based investment groups have also backed Fiveable, including gener8tor, Cream City Ventures, Golden Angels Investors and Silicon Pastures.
Other previous Fiveable investors are BBG Ventures, Matchstick Ventures, Spero Ventures, Twenty Seven Ventures, Deborah Quazzo, Darrell Silver and Del Johnson.
A previous version of the story included the name of an additional investor that was listed by Fiveable in error.
