Press release

The Rise Fund Investing $130 Million in K-8 Math Education Technology Company DreamBox Learning

Investment Expands Global Focus on Social Impact Through Personalized Learning

SEATTLE AND SAN FRANCISCO —JULY 31, 2018— DreamBox  Learning®, the company that pioneered  Intelligent Adaptive Learning™ technology, and The Rise Fund, a global impact  investing fund managed by TPG Growth, have signed an agreement for a $130  million investment in the education technology company. This investment will be  The Rise Fund’s largest education investment to date and continues to cement  their role as a leading global education investor. The Rise Fund will take a  majority position in the company.

“DreamBox was founded  with the mission to transform the way the world learns by using intelligent  adaptive technology to dynamically and continuously personalize each student’s  learning experience,” said Jessie Woolley-Wilson, DreamBox president and CEO. “As  a company, we have been committed to unlocking the learning potential of every  child regardless of what zip code they live in, what they look like, or what  language they speak. By joining forces with The Rise Fund, DreamBox gains a partner  whose mission of social impact is perfectly aligned with ours.”

The Rise Fund has  made a series of investments in education as part of its global strategy to  expand education access and quality for students around the world. This  includes a particular focus on leveraging the transformative power of digital  curriculum and personalized learning tools like DreamBox to improve student  outcomes and increase teacher capacity.

“DreamBox is an  example of how innovative thinking and transformational leadership come together  to create a great, impactful business,” said Bill McGlashan, co-founder and CEO  of The Rise Fund. “With Jessie at the helm, the team at DreamBox has built a  company poised to continue to grow and deliver on its mission of improving  education for millions of students.”

“Companies like  DreamBox and founders like Jessie are why The Rise Fund was created and why TPG  is so excited about this opportunity,” added Jim Coulter, co-founder and co-CEO  of TPG. “Globally, we are seeing dynamic companies like DreamBox doing  transformative work and setting themselves up for significant growth.”

DreamBox is used by  nearly 3 million students and 120,000 teachers in every state in the U.S.,  including the District of Columbia, and throughout Canada. The company has also  recently expanded into Mexico with a Spanish-language version of the platform.The  investment will enable DreamBox to further accelerate growth and innovation,  serving more educators and students as it continues down the path of being a  powerful partner in every classroom, school, and district. The Rise Fund’s investment  is also expected to fuel product development while expanding sales, marketing,  and operations capabilities to propel the company forward in its mission.
  
“The  promise of education technology has always been that it could deliver  personalized and adaptive instruction at scale,” said John Rogers, Education  Sector Lead for The Rise Fund. “I have followed Jessie’s work at DreamBox for  many years. DreamBox’s positive learning outcomes are supported by the gold  standard of evidence in educational research. Recently a confluence of policy  and technology trends has created the right environment for a best-in-class  company like DreamBox to drive significant market penetration. We are excited  to improve learning opportunities for students around the world as we support  the company’s growth.”

Independent studies  from both the Center for Education Policy Research (CEPR) at Harvard University and SRI have demonstrated  that DreamBox Learning K-8 Math improves student achievement as measured by  NWEA MAP Growth. In addition to being the only digital elementary math solution  with an Evidence Rating of “Strong” at EvidenceForESSA.org, curated by Johns  Hopkins University, a recent analysis of nearly 8,000 students in grades 1-7  showed that students completing just five DreamBox lessons per week experienced  double the growth of their peers on the Renaissance Star assessment. DreamBox  Learning K-8 Math was recently recognized by EdTech Digest as the winner of its  EdTech Awards math solution category and was also awarded a 2018 CODiE Award for Best Mathematics  Instruction Solution.

Arne Duncan, former  U.S. Education Secretary and senior education advisor to The Rise Fund, will  join DreamBox’s Board of Directors. “I am a big fan of DreamBox Learning and of  Jessie Woolley-Wilson,” said Duncan. “We know that education technology helps  students and supports teachers. Providing more effective tools for teachers  that drive student learning gains is a win-win for our schools.”

The Rise Fund was represented by  Gibson, Dunn & Crutcher LLP and DreamBox Learning was represented by Wilson  Sonsini Goodrich & Rosati Professional Corporation.

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About DreamBox Learning
DreamBox  Learning, founded in 2006 in Bellevue, Washington, is the only K-8 digital math  program powered by students, built by and for educators, and independently  proven to positively impact student achievement. DreamBox dynamically adapts  and differentiates in real time based not only on students’ answers, but also  on how they solve problems. Along with actionable reporting and tools that  empower differentiation for all learners, DreamBox gives teachers  content-specific professional development and provides administrators with  insights about how all students are progressing. The company’s pioneering  platform has won more than 40 top education and technology industry awards and  is in use in all 50 states and throughout Canada. DreamBox is available for PC  and iPad. For more information, visit http://www.dreambox.com/.

About The Rise Fund 
The  Rise Fund is the world’s largest global fund committed to achieving measurable,  positive social and environmental outcomes alongside competitive financial  returns — what we call  “complete  returns.” The Rise Fund is managed by TPG Growth, the global growth equity and  middle market buyout platform of alternative asset firm TPG. The Rise Fund is  led by a group of influential thought leaders with a deep personal and  professional commitment to driving social and environmental progress. The board  includes: Bill McGlashan, TPG Growth Founder and Managing partner; Bono, Jeff  Skoll, Mo Ibrahim, Laurene Powell Jobs, Anand Mahindra and Pierre Omidyar. The  Rise Fund’s objectives align with the U.N.’s Sustainable Development Goals. The  Rise Fund invests in education, energy, food and agriculture, financial services,  growth infrastructure, healthcare, and technology, media, and  telecommunications companies that deliver complete returns. The Rise Fund  portfolio includes other education companies including Renaissance Learning,  Digital House, and Everfi. For more information, visit www.therisefund.com.

Contact:
RH Strategic for DreamBox Learning
Jennifer  Bemisderfer
202-379-0545
jen@rhstrategic.com

The Rise Fund
Frank Thomas
212-601-4711
fthomas@therisefund.com