Market Overview

The Rise Fund Investing $130 Million in K-8 Math Education Technology Company DreamBox Learning

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Investment Expands Global Focus on Social Impact Through Personalized
Learning

DreamBox
Learning
®, the company that
pioneered Intelligent Adaptive Learning™ technology, and The Rise Fund,
a global impact investing fund managed by TPG Growth, have signed an
agreement for a $130 million investment in the education technology
company. This investment will be The Rise Fund's largest education
investment to date and continues to cement their role as a leading
global education investor. The Rise Fund will take a majority position
in the company.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180731005660/en/

"DreamBox was founded with the mission to transform the way the world
learns by using intelligent adaptive technology to dynamically and
continuously personalize each student's learning experience," said
Jessie Woolley-Wilson, DreamBox president and CEO. "As a company, we
have been committed to unlocking the learning potential of every child
regardless of what zip code they live in, what they look like, or what
language they speak. By joining forces with The Rise Fund, DreamBox
gains a partner whose mission of social impact is perfectly aligned with
ours."

The Rise Fund has made a series of investments in education as part of
its global strategy to expand education access and quality for students
around the world. This includes a particular focus on leveraging the
transformative power of digital curriculum and personalized learning
tools like DreamBox to improve student outcomes and increase teacher
capacity.

"DreamBox is an example of how innovative thinking and transformational
leadership come together to create a great, impactful business," said
Bill McGlashan, co-founder and CEO of The Rise Fund. "With Jessie at the
helm, the team at DreamBox has built a company poised to continue to
grow and deliver on its mission of improving education for millions of
students."

"Companies like DreamBox and founders like Jessie are why The Rise Fund
was created and why TPG is so excited about this opportunity," added Jim
Coulter, co-founder and co-CEO of TPG. "Globally, we are seeing dynamic
companies like DreamBox doing transformative work and setting themselves
up for significant growth."

DreamBox is used by nearly 3 million students and 120,000 teachers in
every state in the U.S., including the District of Columbia, and
throughout Canada. The company has also recently expanded into Mexico
with a Spanish-language version of the platform. The investment will
enable DreamBox to further accelerate growth and innovation, serving
more educators and students as it continues down the path of being a
powerful partner in every classroom, school, and district. The Rise
Fund's investment is also expected to fuel product development while
expanding sales, marketing, and operations capabilities to propel the
company forward in its mission.

"The promise of education technology has always been that it could
deliver personalized and adaptive instruction at scale," said John
Rogers, Education Sector Lead for The Rise Fund. "I have followed
Jessie's work at DreamBox for many years. DreamBox's positive learning
outcomes are supported by the gold standard of evidence in educational
research. Recently a confluence of policy and technology trends has
created the right environment for a best-in-class company like DreamBox
to drive significant market penetration. We are excited to improve
learning opportunities for students around the world as we support the
company's growth."

Independent studies from both the Center for Education Policy Research
(CEPR) at Harvard
University
and SRI have demonstrated that DreamBox Learning K-8 Math
improves student achievement as measured by NWEA MAP Growth. In addition
to being the only digital elementary math solution with an Evidence
Rating of "Strong" at EvidenceForESSA.org, curated by Johns Hopkins
University, a recent analysis of nearly 8,000 students in grades 1-7
showed that students completing just five DreamBox lessons per week
experienced double the growth of their peers on the Renaissance Star
assessment. DreamBox Learning K-8 Math was recently recognized by EdTech
Digest
as the winner of its EdTech Awards math solution category and
was also awarded a 2018
CODiE Award
for Best Mathematics Instruction Solution.

Arne Duncan, former U.S. Education Secretary and senior education
advisor to The Rise Fund, will join DreamBox's Board of Directors. "I am
a big fan of DreamBox Learning and of Jessie Woolley-Wilson," said
Duncan. "We know that education technology helps students and supports
teachers. Providing more effective tools for teachers that drive student
learning gains is a win-win for our schools."

The Rise Fund was represented by Gibson, Dunn & Crutcher LLP and
DreamBox Learning was represented by Wilson Sonsini Goodrich & Rosati
Professional Corporation.

About DreamBox Learning

DreamBox Learning, founded in 2006 in Bellevue, Washington, is the only
K-8 digital math program powered by students, built by and for
educators, and independently proven to positively impact student
achievement. DreamBox dynamically adapts and differentiates in real time
based not only on students' answers, but also on how they solve
problems. Along with actionable reporting and tools that empower
differentiation for all learners, DreamBox gives teachers
content-specific professional development and provides administrators
with insights about how all students are progressing. The company's
pioneering platform has won more than 40 top education and technology
industry awards and is in use in all 50 states and throughout Canada.
DreamBox is available for PC and iPad. For more information, visit http://www.dreambox.com/.

About The Rise Fund

The Rise Fund is the world's largest global fund committed to achieving
measurable, positive social and environmental outcomes alongside
competitive financial returns — what we call "complete returns." The
Rise Fund is managed by TPG Growth, the global growth equity and middle
market buyout platform of alternative asset firm TPG. The Rise Fund is
led by a group of influential thought leaders with a deep personal and
professional commitment to driving social and environmental progress.
The board includes: Bill McGlashan, TPG Growth Founder and Managing
partner; Bono, Jeff Skoll, Mo Ibrahim, Laurene Powell Jobs, Anand
Mahindra and Pierre Omidyar. The Rise Fund's objectives align with the
U.N.'s Sustainable Development Goals. The Rise Fund invests in
education, energy, food and agriculture, financial services, growth
infrastructure, healthcare, and technology, media, and
telecommunications companies that deliver complete returns. The Rise
Fund portfolio includes other education companies including Renaissance
Learning, Digital House, and Everfi. For more information, visit www.therisefund.com.

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