EdTech startup Memby raises $1M pre-seed investment
by Startacus Admin
Major funding secured by Lithuania-based EdTech startup Memby to support further development and international growth plans
Great news for Lithuania-based EdTech startup Memby, with the announcement that it has just closed a $1 million financing round led by Change Ventures, with additional investment by Brighteye Ventures and the MJJ Foundation, as well as angel investors Justas Janauskas, co-founder of Vinted and Martynas Gudonavicius, co-founder and CEO of Trafi.
According to the OECD Programme for International Student Assessment (PISA), almost a third of Europe’s 60 million pupils feel abandoned by the traditional school system and with tutors charging anywhere from €20 to €70 per hour, extra help is out of reach for many families. As a result, students lose the passion for learning, with consequences for their chances of success at school as well as in their future work life.
Memby’s first targets for expansion are Greece and Poland, two markets with a very high demand for extracurricular tutoring, with further plans to expand to Italy and Slovakia in the second half of 2022.
“Memby attracted 3000 students in its first half year of operations in Lithuania, and 65% of those students signed up for multiple courses after their first courses were finished. This illustrated how Memby’s combination of low cost for students plus high pay for tutors is finding quick traction in markets that need these services,” said Andris K. Berzins, Managing Partner at Change Ventures.
Eimantas Bekeža , co-founder and CEO of Memby added: “Everyone in education is well aware of the need for quality teachers, and we have built a technology that excels at enabling superstar educators and scaling their talents to the biggest stage possible.”
Interesting times ahead for this innovative edtech startup!
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Published on: 26th August 2021
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