Google fund invests in education start-up Renaissance Learning

Wed Feb 19, 2014 7:40am EST

A Google logo is seen at the entrance to the company's offices in Toronto September 5, 2013. REUTERS/Chris Helgren

A Google logo is seen at the entrance to the company's offices in Toronto September 5, 2013.

Credit: Reuters/Chris Helgren

Related Topics

(Reuters) - Renaissance Learning, an education technology start-up, said on Wednesday that Google Inc's investment fund had bought a minority stake in the company, valuing it at $1 billion.

Renaissance, owned by British private equity firm Permira, provides cloud-based education software, including reading and assessment tools that the company says are used by nearly 20 million students and teachers.

Google Capital was formed in 2013 to invest in technology start-ups. Its investments include SurveyMonkey, an online survey company, and Lending Club, a service that matches people seeking loans with people willing to make them.

The Renaissance investment is Google's first in education.

New York Times said on Wednesday Google's investment was $40 million. (r.reuters.com/bag96v)

(Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty)

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article