Cloud-based learning management system Schoology has received $32 million in Series D funding with investments by First Mark Capital, Intel Capital, and JMI Equity. The company will use the money to expand and improve the cloud through which learners, educators, and systems work and to increase its presence in more schools, colleges, and universities worldwide.
With the Series D investment, Schoology has accumulated a total of $57 million to grow and support its Learning Management System (LMS). Jordan Cook of TechCrunch says that the cloud-based technology allows teachers to easily create and share their materials and other sources with students.
Schoology tackles one major challenge by offering a single technology for personalizing education which also integrates with other solutions. Describing the issue, Schoology co-founder and CEO Jeremy Friedman said:
"The industry is littered with failed point solutions that didn't integrate easily and weren't easy to use – which resulted in extremely low adoption rates and failures to deliver real educational value."
Schoology instead lets third party applications offer a universal login for students and parents so that they can access all of their classes in one way, Education World reports.
Currently, Schoology is used in more than 130 countries by over 12 million people.
The Series D funding was led by JMI Equity, a firm with a previous record of investments in software and new technologies. JMI's General Partner Jit Sinha will be joining Schoology's board.
Founded in 2009, Schoology started with K-12 in an effort to help teachers and students improve the learning experience. Schoology's CEO said of the company's mission:
"With Schoology, teachers are able to assess students' progress through quizzes and assign personalized coursework to help that student through parts they find challenging."
Schoology attempts to align with the "needs and learning style of education in the real world," the company said.
Schoology currently offers a no-cost product for teachers across education levels and an enterprise-level service for school districts and higher education. Through its enterprise-level product, schools have more opportunities to improve upon the learning experience of students due to Schoology's ability to pair with back-end information databases.
With more than 1,000 enterprise customers, Schoology is a leading LMS provider in the country with the Los Angeles Unified School District among its top clients, TechCrunch reports.
At the university level, Schoology connects campuses, with students, administrators and educators being able to interact and share materials through its platform quickly and safely. According to Schoology, academic institutions can use a single LMS to teach and communicate as opposed to using various, non-integrable tools.
In 2015, Schoology acquired 400 new enterprise-level clients from K-12 through college, Pe Hub Network reports. Among the schools using Schoology are the St. Paul (MN) Public Schools, the Boise (ID) Independent School District, and Mohave Community College.