About Formative
Formative is a company based in Santa Monica (United States) founded in 2013 by Craig Jones, Daniel Cornell, and Kevin McFarland was acquired by Newsela in June 2023.. Formative has raised $70 million across 3 funding rounds from investors including Newsela, Summit Partners and Emerson Collective. Formative operates in a competitive market with competitors including Renaissance, MasteryConnect, TagHive, Turnitin and Xello, among others.
- Headquarter Santa Monica, United States
- Founders Craig Jones, Daniel Cornell, Kevin McFarland
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Sectors
Education
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Email
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Phone
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Website
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Social
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Funding Insights of Formative
Formative has successfully raised a total of $70M across 3 strategic funding rounds. The most recent funding activity was a Series A round of $70 million completed in June 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 3
- Last Round Series A — $70.0M
- First Round First Round
- Investors Count 6
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jun, 2021 | Amount | Series A - Formative | Valuation | Summit Partners | |
| Nov, 2016 | Amount | Seed - Formative | Valuation |
investors |
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| Nov, 2013 | Amount | Seed - Formative | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Formative
Formative has secured backing from 7 investors, including venture fund and institutional investors. Prominent investors backing the company include Newsela, Summit Partners and Emerson Collective. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Summit Partners is recognized as a growth equity investment firm.
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Founded Year | Domain | Location | |
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Seed-stage tech-focused VC firm investing primarily in the US
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Founded Year | Domain | Location | |
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A seed-stage venture capital firm
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Formative
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Formative
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Formative Comparisons
Competitors of Formative
Formative operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Renaissance, MasteryConnect, TagHive, Turnitin and Xello, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Cloud-based K-12 assessments in reading, math, and writing are delivered.
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| domain | founded_year | HQ Location |
Assessment and data solutions are developed for K-12 education.
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| domain | founded_year | HQ Location |
AI-powered quiz application for educational engagement is provided.
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| domain | founded_year | HQ Location |
Plagiarism detection and assessment platforms are provided for educators.
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| domain | founded_year | HQ Location |
Provider of an online platform for developing technical and soft skills in students
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| domain | founded_year | HQ Location |
Assessment-assistance solutions are provided to educators via online tools.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Formative
Frequently Asked Questions about Formative
When was Formative founded?
Formative was founded in 2013.
Where is Formative located?
Formative is headquartered in Santa Monica, United States. It is registered at Santa Monica, California, United States.
Who is the current CEO of Formative?
Craig Jones is the current CEO of Formative. They have also founded this company.
Is Formative a funded company?
Formative is a funded company, having raised a total of $70M across 3 funding rounds to date.
What does Formative do?
Formative was founded in 2013 in Santa Monica, United States, as an online platform in the education technology sector. Assessments are created, edited, previewed, and assigned by teachers, with actionable data generated to support teaching and learning. Collaboration is facilitated among educators for sharing assessments, real-time edits, and roster synchronization. Operations focus on enhancing instructional efficiency for K-12 environments.
Who are the top competitors of Formative?
Formative's top competitors include Renaissance, Learnosity and MasteryConnect.
Who are Formative's investors?
Formative has 7 investors. Key investors include Newsela, Summit Partners, Emerson Collective, Fika Ventures, and MaC Venture Capital.
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