In a Series B round of venture funding, ClassDojo managed to raise $21 million in capital. The funding is meant for tech that links educators with parents and helps in consistent communication about the development the children are undergoing at school. To date, the company has raised venture funding to the tune of $31 million.
The Series B round was headed by General Catalyst. Among the new investors were Reach Capital, GSV, and SignalFire. ClassDojo graduated from Imagine K12, an education tech accelerator, which is now part of Y Combinator. According to Hemant Taneja, the Managing Director at General Catalyst, ClassDojo started as a tool to help in teaching good behavioral traits and has graduated to a parent, teacher and student collaboration.
The deal between General Catalyst and ClassDojo serves as the only education tech investment from the company to date. Taneja compares the growth of the communication platform to the growth of messaging and other social networks like Snapchat or Instagram. However, the app is built purposefully for education.
In talking about revenue generation by the company, Taneja said that monetization needed to be driven by the needs of the parents and teachers. He does not find it hard for parents to use the app to purchase products such as custom yearbooks, videos, lessons and discussion guides to use at home with their children. The app could also evolve into including features such as paying for lunches, supplies or field trips.
The capital raised is meant to expand the team while also focusing on features and content that is meant to improve the usability of the app. This is according to the co-founders of the San Francisco-based startup, Sam Chaudhary and Liam Don. The app is meant to assist parents to direct conversations at home and monitor development and progress in school.
ClassDojo is an education tech company based in San Francisco. The company provides an app that provides a communication platform between teachers, students, and parents. ClassDojo started out as a tool to reward good behavior by awarding points to students who behave well or show a new skill. The tool has grown to become a communication platform.
ClassDojo is becoming more popular in the U.S. as more schools are embracing the technology. The platform has found a home in 2 in 3 schools, from private schools to public schools. The future of the company is bright as more investors come on board to facilitate its growth.