Milwaukee-based education technology startup Fiveable has secured $2.3 million in its latest funding round from multiple investors including Chelsea Clinton, the daughter of former president Bill Clinton and former presidential candidate Hillary Clinton.
Earlier this year, Fiveable founder Amanda DoAmaral droppedthe online Advanced Placement test prep platform’s paywall before the pandemic, adjusting the startup's strategy to increase its user base.
The current funding round, which brings Fiveable’s fundraising total to $3.5 million, was led by New York-based BBG Ventures, a venture capital firm backing female founders, the startup announced today.
Additional backers include Deborah Quazzo, managing partner at GSV Ventures in San Francisco, Spero Ventures, Matchstick Ventures, Northwestern Mutual’s Cream City Venture Capital, Twenty Seven Ventures, Brookfield-based Golden Angel Investors, SoGal and Metrodora Ventures, which is Chelsea Clinton’s newly-launched fund focused on health and learning businesses.
"Investing in solutions that answer young people's needs and challenges is an investment in our country's future,” Metrodora Ventures co-founder Chelsea Clinton said in a statement. “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.”
The startup offers high school students’ educational resources including weekly live streams with teachers, trivia battles, study guides, a personalized dashboard based on each student’s needs and a community forum with live support.
Fiveable serves 1.5 million high school students and over the last three years, students who leveraged the startup’s online academic support products achieved a 92% pass rate on advance placement exams.
“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,” said DoAmaral, Fiveable founder and chief executive officer. “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.”