# Smartest Edu

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/smartest-edu

- Industry: Education/Training
- Headquarters: Santa Monica, US
- Website: www.formative.com
- Total disclosed funding: $40M
- Latest round: Series A (Jun 2, 2021)
- Investors on record: 5

## About

Smartest Edu, Inc. is a US-based educational technology company that specializes in providing an innovative learning platform for K-12 education, aimed at enhancing student engagement and instructional effectiveness.Founded in 2013 in Santa Monica, California, Smartest Edu, Inc. operates an educational platform that supports real-time instruction and assessment. The company has raised a total of USD 40.00 mn through its Series A funding round led by Summit Partners, with participation from Emerson Collective, Fika Ventures, MaC Venture Capital, and Rethink Capital Partners. The most recent funding was completed on June 27, 2023, and the company's current valuation stands at USD 295.99 mn.Formative’s primary offering is a comprehensive educational platform designed to facilitate real-time instruction and assessment in K-12 environments. The platform enables educators to deliver multimedia presentations, track student progress, and provide immediate feedback through various assessment tools, including quizzes and gamified practice activities. With a focus on enhancing teaching efficacy, Formative allows teachers to customize assessments to address learning gaps and adapt instructional strategies based on real-time data. The platform serves a diverse client base that includes over 1,000 school districts and millions of students across the United States, specifically targeting educational institutions seeking to improve student engagement and learning outcomes. Formative's solutions are particularly beneficial in urban and suburban districts, providing resources that are compatible with various curricular standards.Formative operates on a subscription-based revenue model, where educational institutions pay for access to the platform, which offers a suite of tools for instruction and assessment. Clients typically subscribe to annual plans that grant access to premium features such as customizable assessments, real-time analytics, and multimedia presentation capabilities. The transactions are structured as direct B2B relationships, primarily involving partnerships with school districts and educational organizations that require scalable solutions for multiple users, including teachers and students. The pricing structure includes different tiers of service based on the number of users and the specific features selected, ensuring that institutions can choose plans that best fit their needs.Following the acquisition by Newsela, Inc. in June 2027, Smartest Edu, Inc. plans to utilize the recent funding to accelerate product enhancement efforts, increase teacher and administrator support, and expand its international reach. The company is focused on developing new products to enhance its platform, with a target to launch these innovations by the end of 2024. Additionally, Smartest Edu aims to penetrate new geographic markets, specifically targeting educational sectors in Canada and Europe, with expansion initiatives expected to roll out in the next two years.

## Funding rounds

- Series A, Jun 2, 2021, $40M — Summit Partners, Rethink Capital Partners, Fika Ventures, Emerson Collective, MaC Venture Capital

## Investors

- Summit Partners (https://capitalatlas.ai/funds/summit-partners) — Series A
- Rethink Capital Partners (https://capitalatlas.ai/funds/rethink-capital-partners) — Series A
- Fika Ventures (https://capitalatlas.ai/funds/fika-ventures) — Series A
- Emerson Collective — Series A
- MaC Venture Capital (https://capitalatlas.ai/funds/mac-venture-capital) — Series A