XSEED Education, a company which offers “smart education for new age kids,” has today announced that it has raised over $10 million in its Series B round of funding. The round was raised from Verlinvest, a Berlin-based venture capital firm.
Earlier, in 2010, Lighthouse Funds, a New York-based fund, was the first investor in XSEED. While the amount invested in the current round has not been disclosed by the company, the company official said that “it was significantly larger than its Series A of $10 million”.
The infusion of the fresh funding will be utilized by the company to scale its operations in India and overseas. Further, it will spend money to improve its technology-enabled learning platform for children and schools, among other things.
In an email response to LiveMint, the company said:
Proceeds from this round of investment will be utilized by XSEED to scale its footprint to reach 10 million children by strengthening its technology platform, international footprint, and brand in the K-8 elementary education space.
XSEED is Verlinvest’s first education investment. As a part of this investment deal, Nicholas Cator, executive director of Verlinvest, will join the company’s board of directors.
Commenting on the funding, XSEED founder and chairman Ashish Rajpal said,
We seek investors who understand our vision, are long term in their thinking, and have a value system that supports human development. Verlinvest and Lighthouse are just that.
The company claims that it currently caters to at least 1 million students in over 3,000 schools, and helps schools with learning outcomes, teaching, and assessment of students.