U2’s Bono and More Back EdTech Startup EverFi With $190 Million Dollar Investment
Everfi the leading provider of subscription-based digital learning to K-12 schools, universities, corporations, sports leagues, and non-profits announced they have raised $190 million to advance EVERFI’s vision for education innovation. The Rise Fund and TPG Growth invested $150 million, with Main Street Advisors and Advance Publications also joining the round. They join existing investors Amazon CEO Jeff Bezos, Alphabet Chairman Eric Schmidt, Twitter Co-Founder Evan Williams, and Allen and Company as part of the growing EVERFI investor network. EVERFI is the first investment by The Rise Fund.
“EVERFI was founded on the idea that we could harness innovative, digital education to engage learners on some of the country’s most intractable issues – financial education, sexual assault prevention, workplace health, diversity and inclusion and more,” said EVERFI Co-Founder and CEO Tom Davidson. “Through this investment from The Rise Fund, we gain a partner that is not only interested in our ability to grow as a company, but also our ability to bring true education impact to all learners, regardless of zip code.”
TPG Growth Managing Partner Bill McGlashan, U2 lead singer Bono, a well-known activist and a special partner with TPG Growth, and Jeff Skoll, a global entrepreneur, film producer, and impact investor, co-founded The Rise Fund. They were joined by a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress, who came together to form the Founders Board.
Arne Duncan, the former U.S. Secretary of Education who recently joined The Rise Fund as a Senior Advisor, commented, “Improving education involves finding ways to make curricula more accessible, as well as developing new courses that address today’s social challenges. Through its innovative digital platform, diverse content, and network of private-sector partnerships, EVERFI is benefiting students, teachers, and school staff, making it a natural fit for The Rise Fund.”
EVERFI is fueled by its Software-as-a-Service (SaaS) subscription model, allowing learners of all ages to learn through innovative and scalable digital education. EVERFI’s courses, which have already reached more than 16 million students and adult learners across the United States and Canada to date, include evidence-based interventions, validated through third party research, to address topics including financial education, sexual assault and harassment prevention, alcohol responsibility, social and emotional learning, and Science Technology Engineering & Math (STEM) and career readiness. EVERFI’s digital learning course work can be white-labeled for customer organizations.
“Education technology is a growing sector that presents a compelling opportunity to create meaningful positive outcomes,” said Bill McGlashan, Founder and Managing Partner of TPG Growth and Co-Founder and CEO of The Rise Fund. “EVERFi’s innovative programs are creating measurable positive results—both financially and socially. We are confident that EVERFI is working to change the future of education, which makes this an exciting investment for Rise and TPG Growth.”
Nehal Raj, Partner leading Technology Investments for TPG Capital and TPG Growth; Brian Dunlap, the Rise Fund Sector Lead for TMT; and Steve Ellis, Senior Partner of Business Building at The Rise Fund will join EVERFI’s Board of Directors.