Class Technologies Inc. Closes $30 Million Series A Financing to Meet High Demand for Class Software Built on Zoom
WASHINGTON, Feb. 4, 2021 /PRNewswire/ -- Class Technologies Inc., the company that created Class, a software that integrates teaching and learning tools with Zoom, announced it has raised $30.75 million in a Series A investment round co-led by Insight Partners and Owl Ventures, with continued support from all previous investors. This financing comes on the heels of the company's launch and a $16 million round of seed financing announced during the third quarter of 2020, bringing the total financing raised to date to $46 million.
The company also announced it has evolved and simplified its corporate name from ClassEDU to Class Technologies Inc. and can now be found at www.class.com online. The new corporate name reinforces the company's focus on the classroom experience and follows strong market demand of its product.
"Since our beta launch, there has been heavy demand for Class, which is built on Zoom, from the K-12, Higher Education, and corporate training markets both in the U.S. and overseas," said Michael Chasen, education software pioneer and Class co-founder and CEO. "We want to get Class to as many students, teachers, and schools as possible, and as quickly as possible. As a father of three children, I've witnessed the challenges and opportunities education has faced with millions of students and teachers suddenly switching from in-person to online education. Education has changed forever, and we're committed to empowering instructors to improve engagement for virtual and hybrid learning."
Class Software Sees Massive Demand Since September Launch
The company plans to use this investment to:
- Ramp up and meet demand for the over 6,000 colleges, universities, K-12 schools, and corporate training programs in the U.S. and overseas who have indicated interest in purchasing Class.
- Launch Class for Mac, Windows, Chromebook, iPad, and Android Tablet platforms.
- Fulfill over 100 signed contracts with clients who have purchased beta or pre-launch access to Class.
"Recent events have sped up the role of technology in education by five to ten years. We believe hybrid and virtual learning will grow and improve on an accelerating flywheel far into the future. Class makes virtual experiences feel like a real classroom," said Jeff Lieberman, Managing Director at Insight Partners.
"As hybrid and virtual learning become mainstream, educators need software built for mass consumer adoption that still works and feels like a classroom. Class is one of the first, and most important software solutions built on top of the Zoom platform that has become the go to for schools and universities. Given the massive demand for Class from launch, we see a clear opportunity to fund the work needed to launch high-quality software to radically transform and improve the online education experience," said Ian Chiu, Managing Director at Owl Ventures.
Investors that participated in the funding include:
- Reach Capital - focused on empowering learners through investing in innovative education companies.
- Catalysis Capital Management - a Single Family Office Fund focused on establishing collaborative partnerships and making impactful investments that represent opportunities to transform lives and influence the future of education.
- Diligent Software - a leading U.S. based modern governance company whose tools are used by nearly 700,000 board directors and leaders.
All prior seed investors participated in the Series A investment.
- Santi Subotovsky, General Partner at Emergence Capital.
- Jim Scheinman, Founding Managing Partner of Maven Partners.
- Bill Tai, an investor with 30 years of venture capital experience.
- Deborah Quazzo, Partner at GSV Ventures, one of the leading investment funds in education.
- Steve Case, co-founder of America Online (AOL), and Chairman and CEO of Revolution's Rise of the Rest Seed Fund.
- Fred Schaufeld, co-founder and Managing Director of SWaN & Legend Venture Partners.
- Slow Ventures, the fund that backed Slack, Casper, Postmates, and Airtable.
About Class Technologies Inc.
Class is software developed by Class Technologies Inc., a company founded by education software pioneer Michael Chasen. Class software is built on the Zoom Meetings platform to make it feel like a real classroom. It helps teachers take attendance, hand out assignments, give a quiz or test, grade work, proctor exams, or talk one-on-one with a student. Founded in 2020, Class is headquartered in Washington, DC with staff around the world. Schedule a demo at class.com and follow us on Instagram and Twitter at @WeAreClassTech.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised, through a series of funds, more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Owl Ventures
Owl Ventures is the largest venture capital fund in the world focused on the education technology market with over $1.2 billion in assets under management. The Silicon Valley based firm invests in the world's leading education technology companies across the education spectrum encompassing PreK-12, higher education and future of work (career mobility/professional learning). Owl Ventures has deep domain expertise and leverages a global network of Limited Partners, investors, and strategic partners to help entrepreneurs scale their businesses into transformative category leading companies. Learn more at www.OwlVC.com.
Zoom is a trademark of Zoom Video Communications, Inc. Class Technologies Inc. and its product Class are not sponsored, endorsed, or otherwise affiliated with Zoom.