Total amount raised
$389.6 Million
Latest funding date
2/1/2022
Location
PAPER has successfully raised funding over 8 rounds, with notable investors including Bullpen Capital, IVP, Sapphire Ventures, and SoftBank Vision Fund. The company has also made strategic acquisitions, such as Readlee, to enhance its educational support services.
Keep reading to explore the intricacies of PAPER's fundraising journey and the investors backing this innovative platform.
What Is PAPER?
Paper is an educational support system that provides personalized tutoring accessible to every student. The company operates in the EdTech, Education, and Tutoring sectors and is located in Montréal, Quebec, Canada.
Founded in 2014, Paper has grown significantly, employing between 1001 and 5000 people. The company focuses on outcome-focused tutoring and academic support for K-12 students, partnering with school districts to enhance student learning and close proficiency gaps.
How Much Funding Has PAPER Raised?
- Series D
- Amount Raised: $270,000,000 USD
- Date: February 2022
- Lead Investors: Sapphire Ventures, SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet the growing demand for Paper's educational support system, driven by the digital transformation in education due to the COVID-19 pandemic.
- Series C
- Amount Raised: $100,000,000 USD
- Date: June 2021
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and double the number of students served.
- Series B
- Amount Raised: $11,000,000 USD
- Date: December 2020
- Lead Investors: Framework Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's educational support services.
- Series A
- Amount Raised: $7,500,000 USD
- Date: March 2020
- Lead Investors: Reach Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform and support more students.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: February 2019
- Lead Investors: Google Assistant Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and technological advancements.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: May 2017
- Lead Investors: METABRIDGE
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources.
- Seed
- Amount Raised: $1,600,000 USD
- Date: August 2016
- Lead Investors: Birchmere Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch services.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: March 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and begin operations.
Total Amount Raised: $390,100,000 USD. Current Valuation: Not publicly disclosed.
Key Investors
- Sapphire Ventures
- Details: Sapphire Ventures is a venture capital firm that invests in growth-stage technology companies. They have a strong track record of helping companies scale and achieve significant market impact.
- Investment Focus Areas: Enterprise software, consumer technology.
- Notable Investments: LinkedIn, Box, Square.
- SoftBank Vision Fund II
- Details: SoftBank Vision Fund II is a global investment fund that focuses on technology-driven companies poised to disrupt industries. They are known for making large-scale investments in innovative companies.
- Investment Focus Areas: AI, robotics, IoT.
- Notable Investments: Uber, WeWork, Arm Holdings.
- IVP (Institutional Venture Partners)
- Details: IVP is a later-stage venture capital and growth equity firm. They specialize in investing in rapidly growing technology companies.
- Investment Focus Areas: Technology companies, later-stage venture capital, growth equity.
- Notable Investments: Twitter, Dropbox, Snap.
- Framework Venture Partners
- Details: Framework Venture Partners is a venture capital firm that invests in early to growth-stage technology companies in Canada. They focus on companies that have the potential to become market leaders.
- Investment Focus Areas: Early to growth-stage technology companies in Canada.
- Notable Investments: Ada Support, Drop, TouchBistro.
- Reach Capital
- Details: Reach Capital is a venture capital firm that invests in education technology companies. They aim to improve educational outcomes through innovative solutions.
- Investment Focus Areas: Education technology.
- Notable Investments: ClassDojo, Handshake, Nearpod.
What's Next for PAPER?
Paper's future looks promising as it continues to capitalize on the growing demand for remote educational support. With a significant market opportunity in the US, the company is poised to expand its services beyond tutoring, including mental health support and college guidance counseling. This diversification could open doors to new revenue streams and further solidify its presence in the education sector.
Given the rapid growth and expansion plans, future fundraising opportunities seem likely. Additional funding rounds could support scaling efforts and the introduction of new services. However, challenges such as gaining traction in Canadian schools and maintaining service quality amid rapid expansion remain. Addressing these hurdles will be crucial for sustained growth and success.
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