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January 04, 2013

StudyBlue Raises $9M from Investors in New Funding Round

By Ed Silverstein, TMCnet Contributor

Mobile Education Technology Company StudyBlue has raised $9 million from investors in a new funding round, which was led by Great Oaks Venture Capital. Also taking part were the Wisconsin Alumni Research Foundation (WARF) and some additional previous investors.

StudyBlue focuses on mobile education technology and study materials, such as flash cards and quizzes, and boasts over 2.5 million users – 1.5 million of which signed up in the last year alone.

The new funding round is in addition to $3.6 million raised in 2010, according to one report.

“We are experiencing rapid growth,” StudyBlue CEO Becky Splitt said in a statement, “and this financing allows us to further expand our community and platform.”

“The entire edutech industry is seeing tremendous growth, and StudyBlue has particularly impressive traction in the space with over 2.5 million registered users who use its platform across a myriad of devices,” Andy Boszhardt, a partner at Great Oaks Venture Capital, said in a related company statement carried by TMC. “They are in a perfect position to expand the audience of students they serve and we’re really pleased to be a part of that.”

“We … view this as an opportunity to participate in an emerging segment of the educational technology market,” Carrie Thome, director of investments for WARF, added in said statement.

StudyBlue enables students to store and organize class materials by making digital flashcards and quizzes.  Students have used StudyBlue to share some 100 million study materials across the Web and iPhone (News - Alert), iPad (iOS) and Android apps. It ultimately allows for learning anywhere when the student has the time to study.

There are some other companies that offer related services, according to one report, which include BenchPrep and Kno, companies that offer students the chance to make digital flashcards, and Cerego, which offers students the chance to make interactive note cards.

But StudyBlue is unique, in part because it provides students a “digital backpack” which “brings any content in their backpack to their phones,” the report added.

 Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.

Edited by Allison Boccamazzo

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