Education technology company EverFi raises $40M

Washington-based EverFi, an education technology company that focuses on teaching, assessing, badging and certifying students in critical skills has raised $40 million in Series C funding led by current investors Bezos Expeditions (an investment arm of Amazon founder and CEO Jeff Bezos), New Enterprise Associates, Tomorrow Ventures (an investment arm of Google Executive Chairman Eric Schmidt), and Rethink Education. The new investors Advance Publications, Rethink Impact, and Silicon Valley Bank joined the funding round. The funding is aimed to expand the education network. Founded in 2008, EverFi completed its Series A funding round worth $11 million in the year 2010, followed by next round at $10 million in the year 2012 and with the addition of this round the total funding of the company goes upto $61 million. EverFi Founder and CEO Tom David said:

“EverFi has created one of the most powerful and innovative models in the education spaceson. Our goal is to be the learning engine of every major corporation, university, and school district around these critical topic areas.”

EverFi claims that it brings digital learning on critical skills to the communities as its Software-as-a-Service (SaaS) model brings private sector leader, forward-leaning foundations and non-profit organizations into the education innovation movement. EverFi’s subscription-based network includes customer groups in the technology industry with over 3,300 financial institutions, technology companies, sports leagues, foundations, and higher education institutions. Together with these partners, EverFi aims to provide digital learning for adults, college students, and K-12 students in 90 of the 100 largest K-12 school districts across North America. The company has joined hands with Lawroom in this month and which will grow EverFi’s higher education customer count to 1,300 institutions and also adds over 1,500 enterprise compliance customers. Michael Walden, a Partner at Rethink Education stated, “With its proprietary learning platform, incredibly diverse and growing customer base, wide learner reach, and highly profitable financial model, EverFi has become a major player in the education industry. We’re very excited to be a part of EverFi’s continued growth.”