Too cool for school, amiright? 😎
No, but really. Edtech is on a roll this year. Quizlet just announced plans for an IPO — a year ago, the flashcard/AI/tutoring platform was valued at $1 billion. The company doesn’t do much bragging, but rumor has it that Quizlet has been growing its revenue 100% each year.
Quizlet’s IPO will join the slew of other publicly-listed edtech companies in 2021, including Duolingo, PowerSchool, Instructure, and more. Due to the pandemic, students relied on online resources to learn. 🖥️ 🤓
Renaissance Capital senior strategist Matt Kennedy commented on the edtech boom: “Many of these companies enjoyed extraordinary growth in 2020 and now they’re looking to raise money based off those grade A results to fuel growth.”
Duolingo went public in July and raised $521 million from its listing. According to Crunchbase, VC-backed edtech companies raised over $9.5 billion this year and $12.4 billion last year.
Quizlet’s recent ‘explanations’ feature provides step-by-step explanations on problems across textbooks of all subjects and levels. Through the product’s launch, Quizlet intends to “to help students better understand the reasoning and thought process behind study questions so they can practice and apply their learnings on their own.” Hmm, sounds better than some teachers we’ve had, tbh.
Maybe the future of school is… no school? 🤔