Edtech startup Quizlet achieves unicorn status

Quizlet has raised $30 million in a Series C led by General Atlantic, propelling the online learning startup to a $1 billion valuation.

The San Francisco-based startup said the funds would be used to invest in its data science and machine learning capabilities. Specifically, the company is looking to grow Quizlet Learn, an AI-powered tutor that can adapt to students’ individual needs and provide feedback.

Quizlet, which is known for digital flashcards, recently added features for remote learning and made its education service free for teachers in response to the coronavirus pandemic. The company’s platform has more than 50 million active users a month.

As the pandemic has forced a shift to online learning, educational technology has gained renewed attention. The category attracted more than $2 billion in venture funding in the first quarter of 2020, the largest quarterly capital infusion in more than a year, according to PitchBook data. China’s Yuanfudao led the funding drive with a $1 billion round, followed by Indian startup Byju’s, with $400 million in financing.

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