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While public schools suffer budget cuts and unfunded mandates, billionaires are funding a start-up chain of private schools. It is not clear whether it will operate for profit or not.
“With its vision of transforming the elementary- and middle-school experience through personalized learning and smart operating systems, AltSchool, a start-up in San Francisco, has attracted top-tier technology investors.
“Last year, it raised $33 million from Founders Fund and Andreessen Horowitz, as well as from First Round Capital, John Doerr, Harrison Metal, Jonathan Sackler, Learn Capital and Omidyar Network.
“On Monday morning, AltSchool announced that it had raised an additional $100 million from Founders Fund, Andreessen Horowitz, Learn Capital and First Round Capital, along with a couple of major philanthropists: a donor-advised fund financed by Mark Zuckerberg, the chief executive of Facebook, and his wife, Priscilla Chan, at the Silicon Valley Community Foundation. Emerson Collective, an organization founded by Laurene Powell Jobs that makes investments and grants in education and other endeavors, is also an investor.”