Although the Washington, D.C.-based for-profit has been around since 2008, it’s the April 26 announcement regarding EVERFI’s latest round of funding that has drawn renewed interest in the digital education company. Previously, EVERFI saw investments from individuals like Amazon’s Jeff Bezos, Twitter’s Evan Williams, as well as Alphabet Chairman Eric Schmidt. At the helm of this historic $190 million investment were TPG Growth and The Rise Fund, with Main Street Advisors and Advanced Publications also pitching in.
“There is a profound gap between what students are learning in schools today and the critical skills they need in their life,” said Tom Davidson, Co-founder and Chief Executive Officer of EVERFI.
It’s investment partners like these that have helped make EVERFI what it is today. According to Davidson, “Through this investment from The Rise Fund, we gain a partner that is not only interested in our ability to grow as a company, but also our ability to bring true education impact to all learners, regardless of zip code.”
Ultimately, that is the mission of this software-as-a-service company: to create powerful educational tools that can be used by learners of all ages, at various stages in their life, regardless of where they live. The goal is to bring less-commonly taught subjects like individual finance management, substance abuse education, sexual assault prevention, social and emotional learning, career readiness, and more to schools and organizations all around the United States and Canada.
EVERFI’s newest partners understand the value of this technology and that’s what has brought them on board to support the company’s mission.
The Rise Fund’s Arne Duncan said, “Improving education involves finding ways to make curricula more accessible, as well as developing new courses that address today’s social challenges. Through its innovative digital platform, diverse content, and a network of private-sector partnerships, EVERFI is benefiting students, teachers, and school staff.”
Bill McGlashan from TPG added, “EVERFI’s innovative programs are creating measurable positive results—both financially and socially.”
Digital Education That Teaches Success Beyond the Classroom
EVERFI has come a long way since its founding in 2008 in a small Georgetown apartment.
“EVERFI was founded on the idea that we could harness innovative, digital education to engage learners on some of the country’s most intractable issues – financial education, sexual assault prevention, workplace health, diversity and inclusion, and more,” said Davidson. And it shows.
Today, this booming technology company now counts over 16 million learners, 20,000 schools, and over 3,000 partner organizations as part of their growing network. In addition, EVERFI has a solution to cover a wide range of real-world knowledge sets, with segments dedicated to:
- Colleges and universities
- Financial institutions
- Corporate HR and compliance purposes
- Sports and entertainment
So, what makes the EVERFI software solution different from other education-focused technology programs around the country? The most obvious differentiator is the focus on helping individuals attain the real world skills needed for current as well as future success, be that in school, at home, or in the workplace. Additionally, the EVERFI approach to education has proven to be more efficient in engaging learners.
“EVERFI brings the real world into the classroom. It’s user-friendly and it’s an opportunity for students to learn how they want to learn,” explained Daryl Mackey, a teacher at West Potomac High School.
“The way that EVERFI presents the information really engages kids in the right way, at the right time, in a way that’s appropriate for how they’re learning. Quite frankly, it’s a lot more fun so I think, as a result, kids retain more, they enjoy it more, and it doesn’t feel like learning,” added Geoff Thomas, the Managing Director of TCF Bank.
Additionally, EVERFI works with local communities and sponsors to help get their software solution into the right hands. There are also a number of organizations that white label EVERFI’s courses for their own purposes, enabling them to build those courses into their educational programs seamlessly.
While it would be easy to write off EVERFI as the latest in educational software companies trying to cash in on schools’ needs for more digital education initiatives, we shouldn’t look past the underlying positive impact the company is hoping to make. With investors like The Rise Fund—“a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress”—behind them, it’s clear that EVERFI is invested in making a long-lasting impact on practical education initiatives.