Online education startup Edrolo sets sights on expansion following $2.6 million raise – StartupSmart
Online education startup Edrolo has raised $2.6 million that will be used to expand its content library to cover more subjects and year levels and increase the number of schools using its products.
The round, led by AirTree Ventures and Blackbird Ventures with support from Jungle Ventures, Roger Allen and others, takes Edrolo’s total capital raised to $4 million.
Founded in 2013, Startmate graduate Edrolo provides learning resources for year 12 students. This includes online videos, marked exam practices and study planning tools. Edrolo finds exemplary teachers in each subject to deliver the videos. These teachers then earn royalty fees for their work.
The teachers are pretty easy to find, according to co-founder Jeremy Cox. He says most school communities know the best teachers, and are keen to pass on that knowledge because they want access to them too.
Currently there are almost 130 schools and roughly 20,000 students using the platform. That’s up from about 40 schools using the platform one year ago. It costs schools an annual fee of $25 per subject per student and schools generally sign up for all 15 subjects offered. Edrolo’s products are available to Victorian and New South Wales schools. It’s also launched in the US, but that product is in its infancy. Edrolo is looking to expand into year 11 and offer more subjects.
Co-founder Duncan Anderson says a big part of the value is the data Edrolo can provide to teachers. Students are automatically marked on the platform, as well as educated how to self-mark. These self-marked assignments are then given to teachers who can assess whether or not a student understands what is required by assessors. In addition test results assess the strengths and weaknesses of students after the completion of topic areas to help teachers cater each student’s individual needs.
“Our mission has been to improve education by driving personalised learning outcomes through informed teaching of students,” Anderson says.
“It was once a whole lot of paper questions. You’d need to spend time putting it all in a spreadsheet. With Edrolo you can get all that data in one place.”
Co-founder Jeremy Cox stresses Edrolo is a tool for teachers, not their replacement.
“It’s there to augment the classroom,” he says.
AirTree Ventures partner Daniel Petre said the number of schools already using the platform speaks to its potential.
“Edrolo has built a phenomenal product that is benefiting from a full stack approach to learning,” he says.
“We are excited to be part of Edrolo’s journey as they deliver to educators something that has been dreamed about for decades. The number of leading academic institutions already using their product is testament to the bright future ahead for the company.”
After announcing its latest fund in July, it has participated in the investment rounds of a number of Australian startups:
- GlamCorner – (undisclosed).
- Canva – $7.7 million.
- DesignCrowd – $6 million.
- Pawshake – $1.5 million.
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