Grockit Inc., a San Francisco-based online test prep school, has raised $7 million in third-round VC funding. Atlas Venture led the round, and was joined by return backers Benchmark Capital and Integral Capital Partners. The company previously raised around $10.3 million.
Grockit (www.grockit.com), a social network for studying that uses collaborative learning and develops adaptive programs for students, announced today that it has completed a $7 million round of funding led by Atlas Venture. Existing investors Benchmark Capital and Integral Capital Partners also participated.
Grockit leverages the social benefits of the Internet, to improve academic achievement and extend learning outside of the classroom. Through the application of social networking and online gaming technology, the Grockit learning platform offers students a fun and engaging way to master academic skills and prepare for standardized tests. Grockit offers access to nearly 100,000 students from all over the world that members can practice with in online study groups 24 hours a day.
“It is widely accepted that digital media is an important tool for the future of education, and we are committed to bringing this to students everywhere in a fun, accessible way,” said Farb Nivi, founder and CEO, Grockit. “The team at Atlas Venture shares our passion for the market and understands the importance of social media in education. I’ve known Jeff Fagnan at Atlas, and the entrepreneurs they have backed, for many years. Having the Atlas team lead this round is about bringing on the right investor at a really exciting time for Grockit. Their involvement will support the continued growth of Grockit as we build out the executive team and truly scale the company.”
“I have known Farb for years and have been continually impressed with his passion for education and his understanding of how technology can improve education today,” said Jeff Fagnan, partner, Atlas Venture. “The Grockit team has built a sophisticated technology platform that can make a meaningful impact on the way students learn everywhere.”
Grockit was founded in 2007 to leverage the social benefits of the Internet, improve academic achievement and to extend learning outside of the classroom. Through the application of social networking and online gaming technology, the Grockit learning platform offers students a fun and engaging way to master academic skills and to prepare for standardized tests. The diagnostic, prescriptive and adaptive nature of the platform ensures that each student receives an individualized learning experience. Grockit was founded by Farb Nivi, a former Princeton Review Teacher of the Year and academic director at Kaplan. Headquartered in San Francisco, Grockit is funded by Atlas Venture, Benchmark Capital and Integral Capital Partners and angel investors including Reid Hoffman (founder, LinkedIn) and Mark Pincus (founder and CEO, Zynga). For more information, please visit www.grockit.com.