Formative, a Los Angeles, CA-based SaaS real-time student data platform provider, raised $70m in minority funding.
The round was led by global growth investor Summit Partners, with participation from existing investors including Emerson Collective, Fika Ventures, Mac Ventures and Rethink Education. Tom Jennings, a Managing Director at Summit Partners, will join Formative’s Board of Directors.
The company intends to use the funds to accelerate product enhancement efforts, increase teacher and administrator support and expand its international reach.
Led by Craig Jones, CEO, and Kevin McFarland, COO, Formative is a web-based student response platform that allows teachers to give live assignments to students, enabling instant teaching adjustments and long-term student growth tracking. Teachers use Formative to see student work in real-time, give feedback, track student progress to learning standards and collaborate around common assessment data.