Quizlet, a flashcard tool turned artificial intelligence-powered tutoring platform, is planning an initial public offering nearly a year after it was valued at $1 billion. According to people familiar with the matter, Quizlet is considerably far along in the process to go public. A recent job filing shows that it is hiring for senior roles to “help build the financial systems and processes as we move towards an IPO.”
TechCrunch received an email from the San Francisco-based startup. They declined to comment. Quizlet didn’t provide any details about the company’s revenue or whether it is profitable. The still-private startup boasted last year that it had grown revenue by 100% per annum. On its website, Quizlet says that it has 60 million monthly learners, up 10 million learners compared to its 2018 totals.
Quizlet is a business built on simple products that are easy to share. The free Flashcard Maker allows students to create study guides that cover topics relevant to exams. These insights are the basis for Quizlet Plus which charges $47.88 per year to access more features and tutoring.
Quizlet’s tutoring arm, also known as Quizlet Learn, is the company’s most popular offering, per CEO Matthew Glotzbach. As a student goes through the system, Quizlet Learn consistently assesses students to see where they are making mistakes — and where they are making progress.
He said that while it doesn’t replace or even come close to replacing humans, the device can offer guidance and direction so you can spend your time where you want. It is so important to help you establish goals.
Quizlet recently announced explanations as a new feature. This provides a guide that explains the steps involved in solving problems from popular textbooks. It stated that the feature was “written by and validated by experts”. The goal of explanations is to “help students better understand why and how study questions are made so that they can apply and practice their knowledge on their own.” It also reclaimed the Q from its less fortunate predecessor, amid an entire rebrand.
Quizlet has made a slow but steady march to the public markets. Andrew Sutherland, a 15 year old boy founded the startup in 2005. The startup was completely bootstrapped up to 2015. Glotzbach was an ex-executive at YouTube and joined the company in 2016. It is not clear if the startup has a CFO. This is a rare situation for public companies.
Glotzbach has funded the majority of Quizlet’s $62 million venture capital. General Atlantic Ventures is now a shareholder, as well as Owl Ventures Union Square Ventures Costanoa Ventures, Costanoa Ventures, and Altos Ventures.
Quizlet is pursuing the public markets at a time when other edtech firms are showing market acceptance for the sector. Duolingo is an example of another education company that is consumer-oriented, but it focuses more on one vertical than Quizlet. Duolingo was listed in July and currently trades above the open price of $169.75 per shares.
Publited Fri, 10 Sep 2021 at 18:53:05 +0000