Netology, which offers interactive video courses in internet technology subjects gets an undisclosed investment that values to the company at $5.6M
Netology on April 15 announced the funding and that InVenture Partners received a minority stake in Netology based on its valuation.
“[The] online education market is just starting to emerge nowadays,” Netology CEO Maxim Spiridonov said in the statement. “Being the pioneers of [the] online education industry, we are not only creating interfaces and software, but are also developing new presentation techniques and knowledge assessment methods.”
He continued, the “Series A investment will allow us to accelerate our development process significantly and enhance efficiency and convenience of education for our users.”
Classes for people in remote areas
Founded in 2011, Netology is an online education platform that offers interactive video courses in various areas of internet technologies, such as e-commerce, internet business and web development. The classes all include video lectures, tests and game elements to keep students’ attention and track their progress. So far, the company offers 30 courses that have been completed by 3,000 users. By the end of this year, Netology intends to have more than 100 courses.
The investment is Netology’s first external funding. Previously the company relied on contributions from its founders and from its subscriptions. According to the statement, the company’s revenues have tripled over 2013. Netology said it will use the new cash to further develop its platform, launch a mobile version and create new courses and training programs.
According to Netology, 66.5 million people or 57% of Russia’s adult population use the internet monthly. Online platforms are a good opportunity for education for those living in remote parts of the country to cannot attend concrete schools.
InVenture Partners is a Moscow investment fund that focuses on technology startups. It was founded in 2012 by Sergey Azatyan and Anton Inshutin with $100 million in capital. Its portfolio includes GetTaxi, virtual mobile network Fogg, travel agency OnlineTours, online ad agency GetGoing and mobile payment service 2Can.