OAKLAND, CA — BookNook, the leading provider of technology-enabled small group instructional tools, announced today a $2 million in new seed financing, bringing the total capital raised by the company to $3.1 million.
The most recent round was co-led by Better Ventures and the Urban Innovation Fund. Other investors included Reach Capital, which led the company’s last financing, Impact Engine, Kapor Capital, Redhouse Education, and Edovate Capital.
“BookNook exemplifies what we look for in a successful mission-driven company,” said Wes Selke, Co-Founder and Managing Director of Better Ventures. “They are solving the fundamental educational challenge of literacy learning and showing very encouraging traction in usage and revenue and potential for scale.
BookNook’s reading instruction platform is used by schools and nonprofits across 14 states. The company will use capital infusion to expand product offerings to students in first grade and younger, middle and high school students and to add modules for dual language learners in Spanish. Additionally, the company will continue to build its content library, adding partnerships with publishers like Highlights Magazine and growing its featured author series, which it launched last month with Olympic Gold Medalist Kristi Yamaguchi.
“Our partners are always asking us for more, more, more: more books, more grade levels, more languages. We’re thrilled at how insatiable the demand has been and are excited that this new funding will enable us to reach tens of thousands of additional students over the next few years,” said Michael Lombardo, Founder and CEO of BookNook.
BookNook is an Oakland, CA-based high-growth startup working to change the when, where, and who of small group learning for children.
About Better Ventures
Better Ventures is an Oakland, CA-based venture capital firm that backs founders on a mission to solve the world’s biggest problems.
About the Urban Innovation Fund
Urban Innovation Fund is a San Francisco,CA-based venture capital firm that provides seed capital and regulatory support to entrepreneurs shaping the future of cities.
344 20th St
Oakland, CA 94612
Press contact: Nate Strong