Last updated on March 17th, 2020 at 01:32 pm
Fiveable is poised for growth after the Milwaukee-based company closed an approximately $673,658 funding round backed by eight investors, according to a U.S. Securities and Exchange Commission filing.
The funding round was led by Cream City Venture Capital, which is Northwestern Mutual’s $5 million venture fund, said Amanda DoAmaral, founder and chief executive officer of Fiveable.
DoAmaral said the funds will be used to expand Fiveable’s team, create more content and update the company’s product – a live-streamed social learning platform that connects students with teachers for out-of-school tutoring.
“We’re in a growth mode,” DoAmaral said. “We’re building an education platform so, reaching more students and supporting students through different types of content is really our main purpose in this next year.”
Cream City Venture Capital invested in Fiveable as part of the Fall X Pitch, the annual pitch competition for tech startups held during Fall Experiment in October of 2019. As part of the deal, Fiveable has free access to Cream City Labs, Northwestern Mutual’s co-working space.
The company just received $20,000 from the Milwaukee Regional Innovation Center’s angel investment fund, a $200,000 investment fund with $100,000 contributions from MRIC and the Wisconsin Economic Development Corp., said Guy Mascari, MRIC chief executive officer.