Quizlet valued at $1 billion as it raises millions during a global pandemic –
Summary
School shutdowns due to COVID-19 have caused students to flock to the platform as they look for new ways to study, retain information and collaborate. Quizlet’s newest investor, General Atlantic, has invested in a number of edtech companies around the world, like OpenClassrooms, Ruangguru, Unacademy and, recently, Duolingo. Glotzbach said that Quizlet will continue to expand to new international markets, but does not have any “specific targets or names.” It is currently used in 130 countries across 19 localized languages, so it has a lot of room to grow. “We saw record drops in the stock market multiple days in a row while trying to both manage [the round] and move an entire company to remote work,” he detailed. “It was closed during such a volatile time.” Glotzbach said that the round was more opportunistic, and that it didn’t “need an injection of capital to make ends meet.” Therefore, Quizlet’s new shiny valuation is yet another example of how edtech has found both revitalization and green shoots during this catastrophic time, and how remote learning is going from a tool to a necessity for many learners.