Accel Partners backs WyzAnt with $21.5m investment


education_lrgOnline marketplace for private tutoring WyzAnt has secured a $21.5m investment from venture capital firm Accel Partners.

The company, which currently has annual sales of $100m, said it will use the funds to finance product innovation and help it expand globally.

The round makes the first outside financing secured by WyzAnt since its launch in 2005.

Accel Partners principal John Locke said, “We have invested in a number of marketplace businesses over the years and are impressed with the rich sense of community that WyzAnt has fostered.

“Not only does the platform provide teachers and tutors with a way to source new business, but the company has also developed great technology to streamline the entire tutoring experience for parents and students.

“It’s a win-win proposition for all parties and a compelling economic model that has been very effective at several other Accel-backed companies including Etsy and 99 Designs.”

Other companies backed by Accel include cross-border transaction network Calastone, which raised an $18m round in September.

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