Krakow-based EdTech platform Brainly has recently raised €27 million in a round led by Naspers Venture. Brainly is rapidly on its way to becoming the fastest growing edtech startup in the world.
Bringing the startup’s total funding to €61 million, the investment will help the company further expand into the U.S. Currently only 10 million users are in their U.S. market, which Brainly aims to grow in the coming months.
“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. “At Naspers, we back companies seeking to address big societal needs like education, helping them fulfill their vision with the ultimate aim of achieving global scale. Brainly has the potential to serve the needs of hundreds of millions of students around the world and Michal and the team are building an invaluable service for learners everywhere.”
Founded in 2009, Brainly is a Quora-style social learning platform and app for middle and high school students. Students can crowdsource homework answers in subjects including math, history, science, and social studies.
Rather than operating as a search engine, Brainly’s platform provides thorough, curated responses from other students. The app provides algorithm-based answer checking and community moderation that allows users to flag wrong answers and verify correct ones.
Brainly’s current business model is based on a freemium option, which relies on ads. They also offer an ad-free subscription option for a few euros per month that unlocks extra services. The company plans to use the extra venture funding to find ways to further monetize.
Brainly is one of the world’s fastest growing edtech startups, with 150 million users, 2000+ moderators, 35+ nationalities, and 130+ team members.