$50M for On-Demand Tutor: Why Mark Zuckerberg & Priscilla Chan Invest in Tutoring Platform
The Chan Zuckerberg Initiative (CZI) founded by Mark Zuckerberg and Priscilla Chan has just made a generous donation of $50M to Varsity Tutors (VT), an on-demand education resource. Each year, the CZI philanthropic foundation allocates hundreds of millions of dollars to personalized learning technology development. Apart from its education initiatives, CZI also makes substantial donations to support biomedical and preventive medicine research, as well as finding the cure to the terminal diseases.
Varsity Tutors: Modern Personalized Learning Platform
Varsity Tutors is an on-demand online tutoring platform with an hourly rate of $50 depending on the student’s location. Why should you try Varsity Tutors?
- Selection of 1,000+ subjects. Browse the Academic Tutoring categories to find the needed subjects: math, science, foreign languages, elementary tutoring and other fields of human knowledge.
- 40,000 hand-picked experienced tutors with excellent credentials available on-demand. Apart from tutors, VT has 500 employees in offices across the US: St. Louis (Missouri), Seattle (Washington), Victoria (British Columbia), and Phoenix (Arizona).
- Online, mobile, and in-person tutoring is available to the VT users. A special digital service has the support of audio, video and live video chat with pre-made lessons. According to VT representatives, a website and an app can connect students and teachers in mere 15 seconds.
- At the moment, K-12 students are prevailing in the VT audience. Approximately 60% of the business is based on online tutoring. 10% accounts for on-demand tutoring via the Instant Tutor service.
Why Do Mark Zuckerberg and Priscilla Chan Invest in VT?
Since the majority of Varsity Tutor customers are made up of K-12 students, the business opportunity is promising. On a rough estimate, by 2020, the tutoring industry will be worth $200 billion. Varsity’s CEO Chuck Cohn was inspired to start a service 11 years ago after taking tutoring classes to prepare for a university math exam.
As of 2018, the project has bright future ahead. In the long run, Cohn expects Varsity Tutor to become the “go-to service to access real-time expertise” in a vast variety of fields. Whether customers intend to learn how to play a musical instrument or acquire important skills to get a job.