Total amount raised
$389.6 Millions
Latest funding date
Location
PAPER has successfully raised significant funding through multiple rounds, including a Series D. The platform offers personalized tutoring, after-school enrichment, and college and career resources to support K-12 students.
Keep reading to explore the intricacies of PAPER's fundraising journey and the investors backing this innovative educational support system.
What Is PAPER?
PAPER, founded in April 2014 by Philip A. Cutler and Roberto Cipriani, is based in Montréal, Quebec, Canada. The company specializes in providing personalized tutoring, after-school enrichment, and college and career resources for K-12 students.
With a workforce of 1001-5000 employees, PAPER connects students with certified educators to offer 24/7 academic support. The platform aims to make educational assistance accessible to every student, ensuring they receive the help they need at any time.
By leveraging state-aligned high-impact tutoring and interactive practice tools, PAPER supports students in their academic journey, helping them achieve their educational goals.
How Much Funding Has PAPER Raised?
- Seed Round
- Amount Raised: $1.6M
- Date: August 2016
- Lead Investors: Birchmere Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and expand the team.
- Non-Equity Assistance
- Date: May 2017
- Lead Investors: METABRIDGE
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and mentorship.
- Venture Round
- Date: February 2019
- Lead Investors: Google Assistant Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI capabilities and integrate with Google Assistant.
- Series A
- Amount Raised: $7.5M
- Date: March 2020
- Lead Investors: Reach Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve platform features.
- Series B
- Amount Raised: $11M
- Date: December 2020
- Lead Investors: Framework Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance user experience.
- Series C
- Amount Raised: $100M
- Date: June 2021
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and increase the number of students on the platform.
- Series D
- Amount Raised: $270M
- Date: February 2022
- Lead Investors: Sapphire Ventures, SoftBank Vision Fund
- Valuation at Round: Estimated at $1 billion CAD
- Motivation Behind the Round: To meet the growing demand for remote tutoring services driven by the COVID-19 pandemic.
Total Amount Raised: $390.1M USD. Current Valuation: Estimated at $1 billion CAD.
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 growth.
- Investment Focus Areas: Technology, Enterprise Software, FinTech
- Notable Investments: Box, LinkedIn, Square
- SoftBank Vision Fund II
- Details: SoftBank Vision Fund II is a global investment fund that focuses on technology-driven companies. They aim to support companies that are shaping the future through innovation.
- Investment Focus Areas: Technology, AI, Robotics
- Notable Investments: Uber, WeWork, ByteDance
- IVP (Institutional Venture Partners)
- Details: IVP is a later-stage venture capital and growth equity firm. They specialize in high-growth technology companies and have been involved in numerous successful exits.
- Investment Focus Areas: Technology, Consumer Internet, Enterprise Software
- Notable Investments: Slack, Twitter, Snap
- Framework Venture Partners
- Details: Framework Venture Partners is a venture capital firm that invests in early to growth-stage technology companies. They focus on supporting innovative companies with strong growth potential.
- Investment Focus Areas: Technology, FinTech, SaaS
- Notable Investments: Ada Support, TouchBistro
- Reach Capital
- Details: Reach Capital is a venture capital firm that invests in education technology companies. They aim to support companies that are transforming education through innovative solutions.
- Investment Focus Areas: EdTech, K-12 Education, Higher Education
- Notable Investments: ClassDojo, Nearpod
What's Next for PAPER?
With the rapid digital transformation in education, PAPER is poised to seize significant opportunities. The company aims to expand its reach within the vast US market, which has over 13,000 school districts. Additionally, PAPER plans to diversify its services to include mental health support and college guidance counseling, addressing broader student needs.
Given the substantial market potential, future fundraising rounds are likely to support these ambitious goals. However, challenges such as gaining traction in the Canadian market and ensuring equitable access across diverse school districts remain. Maintaining service quality while scaling will be crucial for PAPER's continued success.
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