Beanstack Raises $1.5M of Ongoing $2M Growth Capital Round
Summary
The former "Shark Tank" company will use the funds to accelerate its repeatable growth model and to further invest in its "Reading Culture Trailblazer" client marketing program. It is seeking to raise an additional $500K under the same convertible note terms through March 31st.Beanstack was originally created as a book-of-the-month business focusing on non-traditional genres and interests and quickly found many supportive and enthusiastic backersincluding Mark Cuban after a "Shark Tank" appearance. The product featured on "Shark Tank" is very different from what Beanstack offers today but their mission, purpose, and goals remain the same. Beanstack for Schools uses proven gamification principles to motivate students to read, without relying on quizzes. Collectively, Beanstack readers have logged over seven billion minutes of reading.Beanstack was founded by husband-and-wife team Felix Brandon Lloyd, a former Washington, D.C. "Teacher of the Year" and Jordan Lloyd Bookey, Googles previous head of K-12 education outreach.