Skolkovo Ventures invests in growing EdTech company MAXIMUM Education within a Series B round of RUB 390M (approx. USD 6.2M)18.07.2019
Moscow, July 24, 2019 — Skolkovo Digital, an investment fund created for direct investments in fast-growing tech companies in Russia, managed by Skolkovo Ventures and iTech Capital has announced the acquisition of a stake in MAXIMUM Education, one of the leaders in K-12 and test prep segment in Russia and neighboring countries.
The company’s current investors, Russia Partners and Capman funds, are participating the Series B round totaling RUB 390M. Funds raised within the round will be used to enhance growth and launch new products.
MAXIMUM Education is a full-cycle (fully vertically integrated) B2C educational company with global experience in developing and marketing educational programs and technologies. The company was founded by Michael Magkov, who formerly held positions in Kapan Inc, The Boston Consulting Group and is a Wharton School of Business graduate, in 2013 and is a resident of the IT cluster of the Skolkovo Innovation Center. In 2013 the company entered the Russian educational market with an innovative model of preparation for standardized exams based on the international and local best practices of large-scale education programs involving innovative use of educational technologies. The company operates blended and pure online educational programs and is present in 30 cities in Russia and CIS. The company’s innovative online platform allows students from all regions of Russia and neighbor countries access high-quality education products: preparation for standardized exams, career guidance, English language training, digital skills & programming, K—12 support. MAXIMUM employs >1000 professionals (including teacher and content developers) teachers, has taught 130,000 students, and now offering 40 training educational programs.
«Our strategic goal is to provide millions of students in Russia and beyond with the opportunity to overcome educational barriers: pass exams with high scores, improve school performance, develop digital and communication skills, learn English and build a professional trajectory. We focus on the development of high-tech products, aimed at aggressive growth and further scaling, both product-wise and geographically. I am confident that our leadership position in the Russian market enables us to develop, test and scale best-in-class educational products and technologies, that be extremely successful in global educational markets», comments Michael Magkov, CEO and Founder of MAXIMUM Education.
«Our investment in MAXIMUM Education is in line with our strategy of finding the most attractive growth areas directed at digitalization of the economy», said Pavel Morozov, Managing Partner of Skolkovo Ventures.
«We are pleased to become an investor and partner of MAXIMUM Education, a company whose products are aimed at raising the quality standards of fundamental education in Russia», said Maxim Shavrygin, Investment Director of iTech Capital. «We see a wide potential for further growth of the company both within existing products and entering new niches. MAXIMUM Education over the years of its existence has established itself as the undoubted leader in the segment of additional school education, and we are happy to support the company in the next stage of its development».
«In recent years, the EdTech market experienced dramatic growth, and the growth rate of revenue for companies in the segment indicates a high user interest in high-tech educational products. We expect that the demand for the company’s solutions will only grow in line with the global trend for the transformation of the educational services market», said Alexey Basov, Deputy General Director and RVC Investment Director.