SchoolNet has raised $12.5 million in financing to expand its efforts to create a community for parents and teachers around K-12 education.
This financing includes a combination of equity and loans from Velocity Financial Group, TriplePoint Capital and the New York City Investment Fund. The company provides a portal for those interested in education; the features include a search engine with results from trusted K-12 sources, opinion pages on a variety of educational subjects, strategies for educators, and peer-rated and reviewed teaching materials.
It also provides benchmarking data software for schools so that districts can improve performance. The tools are in use in 50 school districts with more than two million students.
The site/software has been around for 10 years and competes with other portals such as Education.com. SchoolNet said it will use the money for expansion of its current business and acquisitions.