In June 2011, BenchPrep launched and became one of the first startups funded by Groupon’s executives.
Today it’s announcing a $6 million round of financing from New Enterprise Associates and Revolution Ventures. NEA general partner Peter Barris is joining BenchPrep’s board of directors.
BenchPrep is a marketplace and learning platform that helps students study for tests like the GMATs across any device. It works with 20+ educational publishers, from McGraw Hill to Princeton Review, and creates interactive, personalised courses for high school students on up. There’s a desktop, Android, iPhone and iPad app, and BenchPrep lessons sync across them all; two-thirds of users access BenchPrep on multiple devices.”We go beyond creating videos and eBooks – we take content from books, study guides, video lectures, question banks and flashcards and combine them to create truly interactive and personalised courses,” says BenchPrep co-founder Ashish Rangnekar.
Benchprep gives students real-time analytics so they can see which questions they answer wrong and which lessons they should concentrate on. Its pricing model undercuts a lot of other study sources and classes by hundreds of dollars.
Over the past six months, BenchPrep says its revenue has grown five-fold. More than 250,000 students are using it and they’re spending about 9 hours per month (and 78 sessions) on BenchPrep. It currently offers 100 courses and wants to roll out another 400 by year end.
NEA sees a big opportunity in BenchPrep. “Investing in technology to improve education is very important to NEA – and it’s a large, $1 trillion plus market,” says Barris.
Here’s a GMAT maths prep price comparison. Kaplan’s still cheaper, but it’s not interactive and it only offers one-third of the questions: