Ed-tech start-up Newsela raised $50 million from TCV
Newsela, a New York-based ed-tech start-up, which offers digital content for students to enhance reading skills, raised $50 million in a Series-C funding led by Technology Crossover Ventures (TCV), a venture capitalist firm. Newsela rewrites news articles, historical speeches, and scientific papers for students, so the content becomes simple to understand and built a software app to engage students with the content. The company has a strong base of 20 million students and almost 2 million teachers using the platform and now, the company aims to use the funds toward R&D, so that it can better address its growing audience.
Ed-tech funding has been increasing significantly in U.S, the total funding in 2018 raised by U.S. ed-tech start-ups was $1.45 billion.