The investment will allow DreamBox, which currently serves 3 million students and over 100,000 teachers, to “further accelerate growth and innovation” across North America, according to a news release. Beyond the enhanced footprint, the investment is designed to allow the company to continue product development and expand business operations.
“DreamBox is an example of how innovative thinking and transformational leadership come together to create a giant, impactful business,” Bill McGlashan, CEO of The Rise Fund, said in a statement. “The team at DreamBox has built a company poised to continue to grow and deliver on its mission of improving education for millions of students.”
The Bellevue company calls itself an “adaptive” online complement to classroom math instruction, providing students with personalized instruction and showcasing games to keep the program engaging.
“As a company, we have been committed to unlocking the learning potential of every child regardless of what zip code they live in, what they look like, or what language they speak,” DreamBox president and CEO Jessie Woolley-Wilson said. “By joining forces with The Rise Fund, DreamBox gains a partner whose mission of social impact is perfectly aligned with ours.”
The $130 million investment marks The Rise Fund’s largest in education to date; it will take a majority position in DreamBox. In concert with the deal, former U.S. Education Secretary Arne Duncan, now a senior advisor to The Rise Fund, will join DreamBox’s board of directors.
The Rise Fund, which calls itself a “global impact” fund, is managed by TPG Growth. It has made several investments in education with a focus on digital curriculum and personalized learning tools, according to the release.
“Companies like DreamBox and founders like Jessie are why The Rise Fund was created and why TPG is so excited about this opportunity,” said Jim Coulter, co-CEO of TPG. “Globally, we are seeing dynamic companies like DreamBox doing transformative work and setting up themselves for significant growth.”