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Quizlet, a flashcard tool turned into an artificial intelligence-based tutoring platform, plans a first public offering nearly a year after being valued at $ 1 billion. According to people familiar with the matter, Quizlet is well advanced in the publication process. A recent job posting shows that she is hiring for leadership roles to “help build financial systems and processes as we move towards an IPO.”
In an email to TechCrunch, the San Francisco-based edtech startup declined to comment. Quizlet did not say much about the specifics of its income or its profitability. Last year, the still-private startup claimed it was increasing its revenue by 100% per year. On its website, Quizlet says it has 60 million learners per month, or 10 million learners from its 2018 totals.
Quizlet has built a large-scale business around products that are easy to share and easy to use. Its free flashcard maker helps students create study guides on topics to prepare for exams. This information feeds into Quizlet Plus, the startup’s subscription product that charges $ 47.88 per year to access more features, including tutoring services.
Quizlet’s tutoring arm, also known as Quizlet Learn, is the company’s most popular offering, according to CEO Matthew Glotzbach. As a student moves through the system, Quizlet Learn systematically evaluates students to see where they are making mistakes – and where they are making progress.
“He obviously doesn’t replace yet and can’t come close to replacing a human, but he can provide that guidance and point you in the right direction and help you spend your time in the right places,” he said. “Just helping yourself set goals is a critical learning step. “
Most recently, Quizlet announced the launch of Explanations, a feature that provides a step-by-step solution guide to popular textbook problem sets. The feature is “written and expertly verified” and aims to help “students better understand the reasoning and thought process behind the study questions so that they can practice and apply their learnings on their own”, he said in a statement. It also picked up the Q from its less fortunate predecessor, amid a complete rebrand.
Quizlet’s quiet walk to the public markets has been slow but steady. The startup was founded in 2005 by 15-year-old Andrew Sutherland. It was fully initiated until 2015. Glotzbach, who was previously an executive at YouTube, then joined in 2016. The startup still does not appear to have a CFO, which is rare for companies going public.
Quizlet has raised the majority of its $ 62 million in venture capital under Glotzbach. Today, the company’s investors include General Atlantic, Owl Ventures, Union Square Ventures, Costanoa Ventures and Altos Ventures.
Quizlet’s lawsuit in public procurement comes as other edtech companies prove market reception in the industry. Duolingo, for example, is another consumer-focused education company, although it focuses on a single vertical over Quizlet’s choice to stay broad. Duolingo went public in July and is currently trading above its opening price of $ 169.75 per share.
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