Silver Spring, Md. – Discovery Communications, the Silver Spring-based media company behind such cable TV staples as the Discovery Channel, TLC and Animal Planet, said it has led a new round of funding for Grockit, the San Francisco-based developer of a social learning network.
Financial terms were not disclosed, but several media reports value the the deal at $20 million. Other participants in the company’s latest round include Summit Group and previous backers Atlas Venture, Benchmark Capital, Integral Capital Partners and GSV Capital.
In addition to the investment, the relationship with Discovery also includes other business aspects, such as shared technology, as well as possible marketing, distribution and promotion opportunities with Grockit’s Learnist platform. Launched in May, Learnist encourages users to learn from and teach each other about a wide range of academic and casual learning topics. Users curate media-rich boards, called Learn Boards, to share their knowledge. The company also launched Learnist apps for the iPad and iPhone in September.
“As Discovery focuses its digital strategy around strengthening its position in video … we also see strategic growth opportunities in select investments in the next generation knowledge space,” said JB Perrette, Discovery’s chief digital officer.
This article was also published in Potomac Tech Wire.
Grockit – http://www.grockit.com
Discovery Communications – http://www.discoverycommunications.com
Grockit – press release