Chris Bennett’s childcare management platform Wonderschool is ready to tackle the national childcare crisis.
According to a press release, $25 million was raised in a Series B round led by Goldman Sachs for Wonderschool. Citi Impact Fund, Andreessen Horowitz, Uncork Capital, Unusual Ventures, Imaginable Futures, and Gaingels also participated in the round. The funds will help Wonderschool’s childcare program provide flexible and top-of-the-line care for children and families with the help of its childcare entrepreneurs.
“Child care is, perhaps, our most important public investment. And yet, we have historically relied on a fragmented, outdated system to make good on its promise,” said Bennett, co-founder and CEO, of Wonderschool in a press release. “Policymakers have precious little data to understand where public funds are having an impact. Empowering providers to serve families and children and providing state leaders with better data to understand what’s happening are two sides of the same coin.”
Wonderschool is hopeful for many, as according to a report, 38 percent of Black parents depend on childcare outside of the standard workday. Plus, Black parents lead in the need for government assistance to pay for child care than other ethnicities.
“Even before the pandemic, the absence of quality, affordable early childcare education undermined the careers and economic mobility of many Black women, in addition to the development of their children during crucial years,” said Margaret Anadu, the Global Head of Sustainability and Impact for Goldman Sachs Asset Management in a press release. “Wonderschool is harnessing the potential of technology to provide comprehensive support to home-based care providers, enabling them to create high-quality environments while also helping parents in need of childcare solutions with an accessible marketplace.”
Wonderschool will continue to ensure its providers receive adequate support with access to operations, licensing, accounting, marketing, and expert support to facilitate the ideation of curriculum or assist with challenges, according to a press release. And, in turn, will ensure Black children and families will have an improved experience.
In addition, Wonderschool will welcome Anadu to its board as well as Ken Coleman — chairman at EIS Group — and Shane Metcalf, founder of 15Five.