By Tony Wan (Edsurge).
For its first 10 years, Quizlet was humming along just fine. The bootstrapped, San Francisco-based company claimed it was profitable thanks to its free popular digital flashcards, for which users could pay an annual subscription to get additional features. Then—and now—it ranked among the top 25 most popular U.S. websites, according to Quantcast.
Then in 2015, the company took a gamble: It raised $12 million for its first round of outside investment. The following year it hired Matt Glotzbach, a former YouTube and Google executive, as its chief executive. Today the company has nearly 60 full-time staff, almost quadruple the number from early 2015.
Companies only successfully raise venture capital when they can make a convincing case for the potential to multiply its revenue. Quizlet has high expectations to fulfill, and the clock is ticking—especially as the company says it is no longer cashflow positive. Go to article
