The company behind ABCmouse English and My Math Academy, Age of Learning, Inc., has confirmed new funding of $300 million. This is an equity infusion into the company. The round was driven by TPG, Madrone Capital Partners, and the Qatar Investment Authority. The company will deploy the capital for globally expanding the entity, while scaling up investments in new technologies and products for educating users.
The company was established in 2007, while creating online educational solutions for children. Till date, these have already covered 50 million+ kids worldwide. They have also proved useful in countless classrooms worldwide. The CEO at Age of Learning, Paul Candland, stated that every single child requires a robust base for educational progress, and that is what the company aims at. He also added that the best educational practices are fused with top-notch technologies by the company, along with the creative flair of a studio, for creating cutting-edge, research-backed products. These ensure the delivery of the best possible results for children according to him. He also stated that the partnership with TPG is exciting for the company, especially in terms of providing more global learning opportunities for children.
Partner at TPG and the Co-Managing Partner at TPG Tech Adjacencies, David Trujillo, the company has already become a market leader in ed-tech throughout the last ten years. He also stated that they have a skilled team that has come up with sizable innovation for building online education solutions for better and engaging learning. He also stated that the company’s vision was always about enabling more children to fall in love with the habit of learning. He also stated that TPG is delighted to be a partner in helping the Age of Learning achieve the same.
The new funds will help the company access more households, teachers, kids, and caregivers with its digital education products. These include ABCmouse Early Learning Academy (2-8 years). It will offer more customized experiences in the future. My Math Academy will have more challenges and new additions. Adventure Academy is a multi-player digital game for middle and elementary school pupils. It will witness continual expansion in terms of its features, and content. ABCmouse English will expand with new content in writing, reading, assessments, and a lot more. The Founder and Executive Chairman, Age of Learning, Doug Dohring, stated that the company has always put forward its objective of enabling children build a better foundation for learning and academic excellence. The backgrounds of children or their circumstances have never been determining factors according to him. He talked of how the funds will help the company scale up investments in more innovative solutions and programs.
The Age of Learning Charitable Foundation was established as a non-profit entity in January, 2020. It ties up with several companies, ministries, and NGOs across lower-income nations. Educational solutions by the company are given for free to schools and households under this program. The donations have already educated 10 million+ children till date, with their value exceeding $200 million according to the company. TPG is investing in the company from its TTAD (TPG Tech Adjacencies) fund. Goldman Sachs & Co LLC was the placement agent for Age of Learning, while the legal advisor was Gibson, Dunn & Crutcher LLP. TPG had Weil, Gotshal & Manges LLP as its legal advisor.