Global growth investor Summit Partners has led a $70 million minority investment in Formative, a SaaS-based real-time student data platform, with participation from existing investors including Emerson Collective, Fika Ventures, Mac Ventures and Rethink Education.
“Formative helps to accelerate learning for students, save time for teachers and quantify results for school and district administrators,” said Tom Jennings, a managing director at Summit Partners who will join Formative’s board of directors. “We believe Formative has a rare combination of rapid, capital-efficient growth, innovative products, delighted customers and a humble, mission-driven team. We admire how Craig, Kevin and the team have built the business and expect our partnership to help Formative accelerate product enhancements and the continued global expansion of the business.”
“As a classroom teacher, I helped my students achieve record-breaking results by providing daily formative assessments, targeted intervention and quicker feedback loops,” said Craig Jones, co-founder and CEO of Formative. “We founded Formative to apply this approach to the benefit of students around the world, with a goal to double the effectiveness of every teacher on our platform. This has been an incredibly difficult year for schools, but the silver lining is that educators have found new and better ways to reach their students that we believe will last well beyond the pandemic. At Formative, we believe that teachers are superhuman, and we come to work every day to help them unlock those superpowers.”