Schoology, makers of a cloud-based learning management system and configurable social network for academic institutions, has secured its first institutional round of venture capital funding from Meakem Becker Venture Capital.
The financing round follows an angel investment from an unnamed “prominent New York investor” in May 2009. New York-based Schoology says it will use the funding, which totals $1.25 million, to expand its workforce and grow its service.
Schoology’s mission is to leverage the familiarity of popular social media tools to improve communication and collaboration inside and outside of the classroom. Schoology provides a full suite of learning management tools, including an online gradebook, attendance, test/quizzes, discussion boards, blogs, homework dropboxes, and collaborative course and group pages.
The social network permits cross-school networking allowing for multiple organizations to participate in shared classes, groups, and discussions.
Its suite can be integrated with existing school reporting and information systems.
Schoology provides its platform for individuals, schools, and districts free of charge. That way, Schoology says, institutions can focus on introducing new technologies rather than being limited by budget constraints. The system can be enhanced through the purchase of premium add-ons such as custom branding, support packages, and other additional features.
The company is prepping the release of a full API, which will allow schools or individuals to develop custom applications and integrations, in July 2010.