Washington D.C.-based education technology company EverFi has raised $10 million in Series B funding from Jeff Bezos, Twitter co-founder Evan Williams, Rethink Education, New Enterprise Associates, Tomorrow Ventures (the investment arm of Google Chairman Eric Schmidt), Allen and Company, and Blackboard CEO Michael Chasen. EverFi previously raised $11 million in 2010.
EverFi has created a SaaS application for schools to help educate young adults on financial literacy, student loan default prevention, filing taxes, credit card debt and other critical life skills. The application’s curriculum incorporates virtual worlds, gaming, social media and videos to help teach children these life skills.
For example, the company’s Buttonwood platform, aims to prevent teenagers from student loan defaults. The application includes a Second Life-like virtual world where users can learn and implement key financial literacy concepts, such as credit worthiness, the loan application process, interest rates and more.
To date, EverFi says it has certified more than 4 million students in these financial literacy skills. The company has also recently added cyberbullying awareness, online safety, alcohol abuse prevention, sexual assault awareness, and other critical life issues to its education platform. Last year, Everfi acquired Outside The Classroom, the provider of the largest online alcohol prevention course AlcoholEdu.
While EverFi’s technology is not free to use, the platform’s use in public schools is completely funded by outside corporations and foundations that license its programs. The company says that 750 corporations, foundations, and university partners have paid for the cost of the SaaS for students and schools, including Burger King, BBVA Compass, Capital One, Genworth Financial, Neustar, PepsiCo, and others.