Edtech startup Brainly raises €27 million from Naspers

Edtech startup Brainly raises €27 million from Naspers

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Brainly which is also one of the world’s fastest growing edtech startups, with 150 million users in 35 markets has just raised €27 million in a round led by Naspers. This investment sums up the total raised by the startup to €61 million.

Brainly which was established in 2009 is a social learning platform like Quora where students can crowdsource homework answers in subjects including math, history, science, and social studies.

The assignment-solving company has led the latest $30 million investment round in Brainly, a US startup that allows learners to help each other with homework problems in different parts of the world. The students earn points for the quality of their answers and can enter leadership-boards in different subjects such as history, mathematics and others.

“At Naspers, we back companies seeking to address big societal needs like education, helping them to achieve global scale,” said Naspers Ventures Chief Executive Officer Larry Illg. “Brainly has the potential to serve the needs of hundreds of millions of students around the world, and has shown strong growth in the US and high growth markets such as India, Indonesia, Turkey and Brazil.

The Brainly platform is growing at around 200% a year. Before the Byju investment, Naspers’ education investments have all been in the US and includes other online learning platforms such as Udemy.

Naspers first invested in Brainly in 2016. Runa Capital and Manta Ray also invested in the latest funding round.

A $32 million initial investment in Tencent back in 2001 transformed the South African newspaper and Pay TV business into one of the largest technology investors globally. Its 31% stake in the Chinese game-maker is worth $140 billion, compared with its total market value of $110 billion in Johannesburg. The valuation gap motivated a decision for Naspers to list its internet businesses on the Euronext in September to close that discount

“We have been impressed by Brainly’s growth over the past 10 years, particularly in the US and high-growth markets like India, Indonesia, Turkey and Brazil,” said Larry Illg, CEO of Naspers Ventures

It has also been prognosticated that Brainly plans to burgeon in the US as it only has 10 million users in a market of over 70 million students.

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