September 22, 2021

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Quizlet will go public next year, one year after reaching unicorn status

Quizlet, a flashcard tool transformed into an AI-powered mentoring platform, is planning an initial public offering nearly a year after being valued at $ 1 billion. According to people familiar with the matter, Quizlet is well along in the process of going public. A recent job filing shows he is taking on senior roles to “help build 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 did not provide details on the company’s revenue or whether it is profitable. The still-private startup bragged last year that it increased revenue by 100% annually. On its website, Quizlet claims to have 60 million monthly students, 10 million more than the 2018 totals.

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Quizlet is an activity based on simple products that are easy to share. The free Flashcard Maker allows students to create study guides covering topics relevant to the exams. These insights are the foundation for Quizlet Plus which charges $ 47.88 per year to access more features and mentoring.

Quizlet’s tutoring arm, also known as Quizlet Learn, is the company’s most popular offering, according to CEO Matthew Glotzbach. As a student goes through the system, Quizlet Learn constantly evaluates students to see where they are making mistakes and where they are making progress.

He said that while it doesn’t replace or 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 set goals.

Quizlet recently announced explanations as a new feature. This provides a guide that explains the steps required to troubleshoot problems from popular textbooks. He said the feature was “written and validated by experts”. The purpose of the explanations is “to help students better understand why and how study questions are asked so that they can apply and practice their knowledge on their own”. It also picked up the Q from its less fortunate predecessor, amidst an entire rebrand.

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Quizlet made a slow but steady march towards public markets. Andrew Sutherland, a 15-year-old boy, founded the startup in 2005. The startup was fully started up until 2015. Glotzbach was a former YouTube executive and joined the company in 2016. It is unclear whether the startup has a CFO. This is a rare situation for public companies.

Glotzbach funded the bulk of Quizlet’s $ 62 million venture capital. General Atlantic Ventures is now a shareholder, as are Owl Ventures Union Square Ventures Costanoa Ventures, Costanoa Ventures and Altos Ventures.

Quizlet is pursuing public markets at a time when other edtech companies are showing market acceptance for the industry. Duolingo is an example of another consumer-oriented training company, but it focuses more on a vertical than Quizlet. Duolingo went public in July and is currently trading above the opening price of $ 169.75 per share.

Published Fri, 10 Sep 2021 at 18:53:05 +0000

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