Montréal-based EdTech startup Paper has closed $123 million CAD ($100 million USD) in Series C financing, as the company looks to scale its educational support software for K-12 students.
“There’s a ton of resources available for the families with means and hardly anything available for everybody else.”
The investment was led by United States venture firm Institutional Venture Partners (IVP), with participation from returning investors Framework Venture Partners, Bullpen Capital, Reach Capital, Birchmere Ventures, Salesforce Ventures, BDC Capital, and ETW.
To date, Paper has raised nearly $150 million CAD ($121 million USD). As part of the deal, Tom Loverro, general partner at IVP, has joined Paper’s board of directors.
The Series C financing is Paper’s third round closed in the last 18 months, and also follows a year of growth for the startup, which has managed to increase its user base 20-fold. With the new funding, Paper is looking to continue scaling its offering to support more stakeholders in the education sector, which has seen dramatic changes since the onset of the COVID-19 pandemic.
Founded in 2014, Paper (formerly known as GradeSlam) offers an educational support system targeted toward K-12 students. The mission of the startup is to provide students with equal opportunity to succeed academically and to help school districts cost-effectively support learning at scale.
Paper’s educational support system provides students with…