Newsela, a NYC-based textbook replacement SaaS for K-12, raised $100m in Series D funding.
The round, raised at a $1 billion valuation, was led by Franklin Templeton with participation from TCV, Kleiner Perkins, Reach Capital and Owl Ventures.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Matthew Gross, Founder and Chief Executive Officer, Newsela is a an education technology startup with the goal of providing meaningful classroom learning for every student. With nearly two million teachers signed up, Newsela enables kids to improve their reading skills in all 50 states and more than 150 countries.