Chicago's WyzAnt lands $21.5M to beef up tutoring services
Online tutorial service provider WyzAnt received $21.5 million in a Series A funding round from Accel Partners. The company has resisted outside investment for almost eight years, according to TechCrunch.
As a result of the investment, Accel partners John Locke and Ryan Sweeney will become part of WyzAnt's board of directors, the report said.
Wyzant offers tutoring services in more than 240 subjects. These subjects cover the range K-12 to college and test prep to arithmetic. Co-founder and Chief Executive Officer Andrew Geant said the key to the firm's service is to offer enough tutors and subjects. That way, the platform can connect the students to the right tutor, Geant said as quoted in the report.
The firm will use the new capital to beef up its services, said the report. The company is also testing new digital tools that will support student-tutor interaction, such as video chat. Moreover, Wyzant eyes the launching of its native mobile apps in early 2014, the report added.
Next year, the Chicago-based tutoring website plans to add 50 new employees to its workforce, TechCrunch reported.