$10k USD $22m CAD $200m TIGER first bergenbloom
Goguardian 10K us 200M Global 1B Bergenbloomberg
Tiger Global Management’s $200 million investment in GoGuardian, a company that supplies software to K-12 schools, is further evidence of the private equity industry’s bet that the surge in classroom technology will outlast the epidemic.
Sumeru Equity Partners LP, which backs GoGuardian, has increased the worth of the company to over $1 billion as a result of the investment.
Established in 2014 and based in Los Angeles, the company’s first offering was a Chrome extension that helped educators track and limit kids’ online time.
The demand for GoGuardian increased during the pandemic, as it did for other online education companies as schools attempted to switch to virtual schooling.
In comparison to sales from the previous summer, the company claims to have seen a near 150% rise. While CEO Advait Shinde did not reveal sales or profit figures, he did say that the company has been “cash flow positive from day one.”
Supposedly, the programme is used by 22 million kids in grades K-12 across 10,000 schools in the United States. Customers have increased from 11 before the epidemic to 23 of the 25 major districts in the United States. GoGuardian has already signed statewide partnerships with West Virginia and Delaware, and it hopes to sign more this year.
Interest in GoGuardian, like that in many other ed-tech startups, increased as the pandemic wore on.
According to Advait Shinde, the company’s CEO, sales increased by 150% from day one, and the company has maintained positive cash flow ever since.
The company’s software is used by 22 million students in grades K-12 in 10,000 schools in the United States. Clients now reside in 22 of the 25 largest districts in the United States, up from 11 in the age before the pandemic.
This year, GoGuardian has signed contracts with multiple states, including West Virginia and Delaware. The company is expecting to close further partnerships like this in the near future.
Despite the Reopening of some Schools, Shinde Predicts that the Education Technology Industry will Continue to expand.
He also said that these digital solutions will be used by educators going forward, signalling a long-term move toward a greater reliance on technology in the classroom.
Schools around the world have spent millions on iPads and Chromebooks for their pupils in just the past year, demonstrating the enormous growth potential of the K-12 market.
Spending on educational technologies is expected to reach $404 billion by 2025, according to market research.
Despite recent increases, it accounts for less than 6% of reported educational budgets.
