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Revolution Prep closes $15 million in growth funding, led by Kennet Partners

September 27, 2010,
by volcanic

h3. Innovative educational software company plans continued growth in delivery of high-quality test prep and adaptive learning.

Los Angeles, CA. September 27, 2010 - Revolution Prep has announced the completion of its first institutional investment since inception, a $15 million financing led by Kennet Partners, a leading technology growth equity investor. Javier Rojas, Managing Director at Kennet, will join the board.

Revolution Prep is an educational software and services company with two primary divisions: Test Prep which currently focuses on SAT and ACT courses and private tutoring, and K12 Software which provides Algebra Support and English Language Arts as well as state-adopted web-based programs to prepare students for high school exit exams with market leadership in California. The company was launched in 2002 and self-financed by founders Ramit Varma and Jake Neuberg.

The company is recognized by Inc. magazine as the fastest growing private education company in the Los Angeles area, and No.14 in the education sector of its annual Inc 5000 list. Revolution Prep has achieved three year revenue growth exceeding 300% through 2009 and is poised to become the recognized leader in standardized test preparation and adaptive learning technology within the next five years. It has already become the nation’s largest provider of on-campus SAT and ACT courses, and its innovative and effective software programs are in use by over 150,000 students. In June 2010 Revolution Prep completed its first acquisition, Ivy Insiders.

“We set out to build a company that could help students meet their true potential,” said co-founder Jake Neuberg. “We always knew that would mean leveraging the best technology and ensuring we could deliver access to a quality program, no matter what financial resources our students have. We intend to continue along this same path of innovation and growth.”

Co-founder Ramit Varma added, “We have taken the lead on pricing and quality, and throughout the growth in the numbers of students we help, our commitment to them remains the same. We have donated over $5 million in tuition waivers to financially disadvantaged students and are proud to say that at Revolution Prep, students’ needs are placed first, long-term skills are emphasized, and confidence is built.”

Kennet's Javier Rojas said, “We are impressed with the high success rate the company has achieved increasing high school graduation rates as well as its disruptive approach to the SAT Prep and tutoring markets. We believe that education will dramatically change this decade with technology enabled assessment-based learning leading the path.”

h2. About Revolution Prep

Founded in 2002, Revolution Prep is an education software and services provider that has helped over a hundred thousand students score higher on the SAT, ACT and other high-stakes exams, while dramatically improving basic academic skills. Revolution Prep was founded with the mission of transforming education by leveraging technology to provide world-class test prep to every student, regardless of the ability to pay. Revolution Prep offers programs in real classroom settings, live online classroom settings, private in-person tutoring, private online tutoring, self-guided online courses, and hybrid courses that combine real classroom courses with in-person tutoring and the self-guided online course.

h2. About Kennet Partners

Kennet is a leading international growth equity firm that invests in companies in North America and Europe. Kennet supports entrepreneurial technology businesses with expansion capital to accelerate growth and build exceptional shareholder value. Kennet is an experienced investor with approximately $600 million in funds under management.