Fiveable Raises $10M Series A to Build Educational Community

Fiveable Secures $10 Million to Expand its Social Learning Platform

The current global situation has created a sense of stagnation for many. While professionals in the tech industry may utilize virtual platforms for communication, high school students are actively seeking online environments for collaborative learning and social interaction. Fiveable, a startup based in Milwaukee, is addressing this increasing need.

From AP Exam Prep to Comprehensive High School Support

Fiveable initially gained recognition as a free online resource designed to assist high school students in preparing for Advanced Placement (AP) examinations.

The platform’s popularity surged through livestreamed “cram shops,” comprehensive study materials, and a thriving Discord community. Now, Fiveable is evolving into a broader social learning platform intended to support students throughout their entire high school journey.

“The Hallways of the Educational Internet”

Amanda DoAmaral, co-founder and CEO of Fiveable, describes the platform as “the hallways of the educational internet.”

She explains that, much like physical school hallways, Fiveable provides a space for students to connect with peers, access resources, and plan their academic pursuits. A significant portion of student activity on Fiveable mirrors these everyday interactions.

Series A Funding and Future Growth

DoAmaral’s vision, developed with co-founder Tán Ho, has propelled Fiveable’s recent funding round.

The startup announced a $10 million Series A investment led by Union Square Ventures, with additional participation from Owl Ventures and Progression Fund. Prior to this, Fiveable had secured over $4.2 million in funding from investors including BBG Ventures, Metrodora Ventures, Emerson Collective, Beta Boom, gener8tor, Matchstick Ventures, Darrell Silver, and Serena Williams.

These funds will be allocated towards expanding Fiveable’s team and enhancing its student-led online spaces.

Empowering Students Through Access and Community

DoAmaral emphasizes the importance of equitable access to educational resources.

Factors such as geographic location, teacher quality, and available resources often determine a student’s success. Fiveable aims to empower students by providing them with greater control over their learning experience and future pathways.

Acquisition of Hours and a Shift in Focus

Fiveable’s strategic direction is becoming increasingly student-centered, particularly following the acquisition of Hours, a virtual study platform created by 16-year-old Calix Huang.

Hours enables students to collaborate on study sessions with shared task lists, timers, and playlists, offering a multiplayer learning experience. The acquisition highlighted the value of study groups and will inform future product development.

The Power of Student Engagement

Ho notes that the platform initially focused on livestreaming and providing study guides.

However, the emergence of student-created “pomodoro rooms” within the community spaces demonstrated a strong demand for peer-to-peer learning. This insight prompted a shift towards facilitating student-driven interactions.

A Diverse and Student-Focused Team

Fiveable distinguishes itself through its commitment to inclusivity.

• Over 50 students are employed as paid interns across all departments, excluding the executive team.
• The current team composition is 50% women, 38% non-white, and 24% LGBTQ+.

These diverse perspectives contribute to a deeper understanding of student needs, trends, and preferences.

Expanding Beyond AP and Addressing Challenges

DoAmaral acknowledges the challenge of establishing Fiveable as a comprehensive support system for all students, not just those preparing for AP exams.

The company is focused on broadening its reach and providing resources for a wider range of academic needs.

Impressive Growth and a Focus on Accessibility

Fiveable has experienced significant growth in recent years, with over 7.3 million students utilizing the platform and a 300% year-over-year increase in users.

Its Discord community, launched in 2021, boasts over 25,000 members. Furthermore, Fiveable has awarded over 3,000 scholarships to students in need.

Currently, access to the platform is entirely free, as the startup prioritizes growth over immediate monetization. This strategy aligns with the approaches taken by other successful education companies like Quizlet and Duolingo.

Investor Confidence and the Future of K-12 Education

Rebecca Kaden, a partner at USV, recognizes the dynamic nature of the K-12 education sector.

She believes that Fiveable is uniquely positioned to become a central platform for students to connect, learn, and thrive. The company’s ability to adapt to evolving student needs will be crucial to its continued success.

Maintaining Community Integrity

DoAmaral identifies maintaining the integrity of the platform as a key challenge.

Ensuring a safe and productive learning environment requires ongoing attention to both infrastructure and community guidelines.