A grade school backed by Mark Zuckerberg is closing its Silicon Valley location after spending $40 million a year
Darren Weaver
A new kind of school crafted by the minds and wallets of Silicon Valley influencers is struggling.
AltSchool, an educational software developer and network of "micro-schools" with nine locations in California and New York, is shuttering at least one location and is scaling back its ambitious plans for expansion, according to a new report in Bloomberg.
Max Ventilla, founder and CEO of AltSchool, told Bloomberg the startup will shift its focus to licensing educational software to existing schools rather than create new ones.
Ventilla left his role as Google's head of personalization in 2013 to found AltSchool. The network of micro schools, which has headquarters in San Francisco, enrolls between 80 and 150 students at each of its locations and uses technology to tailor its instruction for individual students.
AltSchool charges a tuition fee close to $30,000 per year, but it has been spending about $40 million annually during a period of rapid expansion, according to Bloomberg. The Palo Alto location will be the first to close.
"We know this is tough news that will have a big impact on your family," Ventilla reportedly wrote in an email to parents of children at the Palo Alto school. But the decision is necessary, he wrote, because of AltSchool's "strategy, path to growth and finances."
AltSchool has raised about $170 million from Silicon Valley giants including Mark Zuckerberg, Peter Thiel's Founders Fund, and Andreessen Horowitz.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market