Russia-based edtech startup raises $6.8 million

Russia-based edtech startup raises $6.8 million

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Russia-based edtech start-up, MAXIMUM Education, which assists students to prepare for exams, has raised $6.8 million in Series B funding to foster operations.

The start-up is present in 30 cities in Russia, Belarus and Kazakhstan. It offers blended and online-only educational programs.

Its 800 teachers have instructed more than 130,000 students since it launched in 2013.

The funding will be used to improve growth and add to MAXIMUM’s products that currently include preparation for standardised exams like the Russia’s Unified State Exam and OGE (Basic State Examination), career guidance, learning English, digital skills etc.

“Revenue growth rates of companies in this segment indicate a high interest of users in high-tech educational products”

“Our strategic goal is to provide millions of students in Russia with the opportunity to overcome educational barriers: take exams at high scores, improve school performance, develop digital and communication skills, master the English language and build a professional trajectory,” Mikhail Myagkov, CEO and founder of MAXIMUM said in a statement.

However, a spokesperson for the company in an interview claimed that operations will also grow internationally.

“We focus on the development of high-tech products, aimed at aggressive growth and further scaling, both product-wise and geographically,” the spokesperson said.

“We are confident that our leadership position in the Russian market enables us to develop, test and scale best-in-class educational products and technologies, that would be extremely successful in global education markets.”

Skolkovo Digital, created by Skolkovo Ventures and iTech Capital with the participation of RVC capital, led the round of funding, continuing its aim of directly investing in Russia’s “fast-growing” tech companies

“Our investment in MAXIMUM Education is in line with the strategy of finding the most attractive growth points within the framework of the digitalisation of the economy,” said Pavel Morozov, managing partner at Skolkovo Ventures.

Investment director at the iTech Capital Fund Maxim Shavrygin said there was wide potential for growth in MAXIMUM’s “existing products and entering new niches”.

“Over the years of its existence, MAXIMUM Education has established itself as the undoubted leader in the segment of additional school education, and we are pleased to support the company at the next stage of its development,” Shavrygin said.

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