When Chuck Cohn was a junior at WashU in 2007, he founded Varsity Tutors as part of a class. This week, his company Nerdy—whose main product is Varsity Tutors—went public on the New York Stock Exchange.
The online tutoring platform, which has 54,000 active users, offers live instruction in more than 3,000 subjects. In the second quarter of 2021 it generated $32.8 million in revenue.
Nerdy, which went public by merging with a special-purpose acquisition company or SPAC called TPG Pace Tech Opportunities, is now valued at $1.7 billion, making it the first St. Louis startup to reach a valuation of over a billion dollars. The deal also meant $750 million of new capital.
On Tuesday, Cohn got to ring the stock exchange’s opening bell. By the end of the day, Nerdy’s shares were up 3.2%.
Commenting on the momentous occasion Cohn explained to KMOX: “We’ve been building toward this moment for a very long time, and I feel like we’re well positioned to grow for several years ahead and have a big impact on students.” One of Nerdy’s new initiatives is Varsity Tutors for Schools, which aims to help students recover from the setbacks brought about by the COVID-19 pandemic.