EverFi, a D.C.-based edtech company, announced a $40 million Series C round of venture funding, Wednesday.
The round was led by Amazon CEO and Washington Post owner Jeff Bezos, Alphabet (formerly Google) CEO Eric Schmidt and other investors including New Enterprise Associates. Three new investors, Advance Publications, Rethink Impact and Silicon Valley Bank, were also announced as part of the funding round. Advance Publications is the parent company of American City Business Journals, which owns DC Inno. The deal was first reported by Fortune.
The raise comes just a week after EverFi announced it would acquire LawRoom, a compliance education company, to further expand its subscription-based education software model. Part of the funding announced Wednesday will help complete the acquisition, EverFi founder and CEO Tom Davidson told Fortune. EverFi has over 3,300 partners nationwide and reaches 6 million learners, according to the company.
“EverFi has created one of the most powerful and innovative models in the education space,” said Davidson in a release Wednesday. “Our goal is to be the learning engine of every major corporation, university, and school district around these critical topic areas.”
EverFi was founded in 2008 and has raised $61 million to date, including the latest $40 million. As DC Inno reported earlier this year, investment in education technology has continued to rise, even as overall venture capital deals have appeared to stall from their height in 2014 and 2015. The latest raise from EverFi seems to back up that finding.
“Education is recession-proof generally,” Andrew Rosen, CEO of edtech startup Interfolio and a co-founder of Blackboard told DC Inno at the time. “And education traditionally lags in technology. There’s still lots of space.”