Quizlet becomes a Unicorn with $1 Billion Valuation

San Francisco-based virtual flashcard platform Quizlet has raised $30 Mn in a Series C funding round led by General Atlantic.

As per a report in TechCrunch, Quizlet CEO Matthew Glotzbach said that this round of funding has led to the platform being valued at about $1 Bn. The new valuation has brought the company close to being a unicorn. Quizlet has so far raised above $60 Mn in total.

Quizlet can be used to make virtual flashcards and study guides which can be created and shared with other learners. The platform covers Languages, Sciences, Arts and Humanities, Math, Social Science, and other subjects.

Going forward, the platform will focus on AI-based tutoring, which has attracted the current investment. Quizlet Learn, the AI-based lesson feature on the platform, is one of the most popular features, said Glotzbach.

The ongoing trend of remote learning, due to worldwide lockdowns and social distancing measures put in place to curb the spread of novel coronavirus, has led to a rise in the usage of Quizlet among learners.

As per the TechCrunch report, about 400 million study guides have been created on the platform. It has seen a user growth of about 200-400% in its top international markets. The platform is currently used in 130 countries in 19 languages.

The volume and variety of topics covered by the platform has attracted over two-thirds of high schoolers in the U.S.A to use the platform, noted Glotzbach, who was an executive at YouTube and joined Quizlet in 2016. Quizlet was founded in 2005 by 15-year old Andrew Sutherland.

General Atlantic, the recent investor in Quizlet, has also recently invested in various other edtech companies across the globe like Duolingo, Unacademy, Ruangguru, and OpenClassrooms.

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