Revolution Prep Announces New Venture Following $4 Million Growth Funding
Launches Revolution Math, Groundbreaking Online Platform Changing How Kids Learn Math
Investment Round Led by Kennet Partners with Support from Leading Education Veterans Jeffrey Cohen and Scott Kirkpatrick
SANTA MONICA, Calif., May 8, 2017-- Revolution Prep, an innovator in the tutoring and test prep space, today announced the completion of a $4 million round of funding, led by existing investor Kennet Partners, a leading technology growth equity investor. Several industry veterans participated including Jeffrey Cohen and Scott Kirkpatrick, who will join the Board of Directors.
Cohen is currently the chief executive officer of Catapult Learning, Inc. and previously served as the president and CEO of Sylvan Learning - one of the nation's largest learning center operators. Kirkpatrick is the current president of General Assembly, and previously served as president of Princeton Review, an early leader in the test prep field.
"We have been extremely impressed with Revolution Prep's proven success and innovative approaches in the online education space. Over the years they've challenged the traditional tutoring model and disrupted the market's heavy hitters," said Javier Rojas, Kennet Partner's Managing Director, Silicon Valley. "Additional resources will allow future programs to further reimagine how our kids learn and how they think about learning."
Capital is planned to drive growth in Revolution Prep's latest breakthrough online learning product, Revolution Math, which will go head to head with the the traditional, multi-billion dollar learning center tutoring model. Revolution Math is a first of its kind platform that incorporates effective learning research such as storytelling, games, small class size and social interaction to engage students with an exceptional instructor. The program is offered to kids in 2nd - 5th grade in a weekly online interactive class with a mission to make students love math and feel confident solving real-world problems.
Feedback from Revolution Math's one year beta trial has been extremely positive with a 97% retention rate for monthly users. "We are proud of what the program has to offer and its potential to bring a love of math to a new generation of learners," says Revolution Prep CEO, Ramit Varma. "Our ultimate vision is to develop Revolution Prep into the default learning platform for students from kindergarten to higher ed in the digital age - a place where students can find the highest quality support in any subject at any time."
The funding will also allow Revolution Prep to advance their mission of developing cutting edge learning tools and creating innovative programs to bring students into the tutoring arena at a younger age, allowing them to build a solid learning foundation and make them stronger overall learners.
Since its founding in 2002, Revolution Prep has been a leading innovator in the education space and is the only company to achieve major scale in online tutoring. The company is growing at close to 100% and is excited about its prospects in continuing to redefine the education model in the digital age.
About Revolution Prep
Founded in 2002, Revolution Prep is an education software and services provider that has helped over a hundred thousand students score higher on the SAT, ACT, and other high-stakes exams, while dramatically improving basic academic skills. Revolution Prep was founded with the mission of transforming education by leveraging technology to provide world-class test prep to every student, regardless of the ability to pay. Revolution Prep offers programs in real classroom settings, live online classroom settings, private in-person tutoring, private online tutoring, self-guided online courses, and hybrid courses that combine real classroom courses with in-person tutoring and the self-guided online course. For more information, visit www.revolutionprep.com.
About Kennet Partners
Kennet is a leading international growth equity firm that invests in companies in North America and Europe. Kennet supports entrepreneurial technology businesses with expansion capital to accelerate growth and build exceptional shareholder value. Kennet is an experienced investor with approximately $600 million in funds under management. For more information: www.kennet.com. Kennet Partners Limited is authorized and regulated in the UK by the Financial Services Authority.
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