Russian EdTech startup MAXIMUM Education has raised $6.8 million (RUB 390M) Series B round to grow its K-12 and test prep platform for students in Russia and neighboring countries.
The round was led by Skolkovo Digital, an investment fund created for direct investments in fast-growing tech companies in Russia, with participation from current investors, Russia Partners and Capman funds.
Founded in 2013 by Michael Magkov, who formerly held positions in Kapan Inc. and The Boston Consulting Group, MAXIMUM Education is a fully vertically integrated B2C educational company with global experience in developing and marketing educational programs and technologies. The Moscow-based startup 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.
MAXIMUM Education operates blended and pure online educational programs. The company’s innovative online platform allows students from all regions of Russia and neighboring countries access high-quality education products, including preparation for standardized exams, career guidance, English language training, digital skills and programming, and K–12 support. The latest investment will enable the company to enhance growth and help launch new products and services to the learners.
Speaking on the work and mission of the company, Michael Magkov, CEO and Founder of MAXIMUM Education, said,
“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.”
Commenting on its latest investment in the company, Pavel Morozov, Managing Partner of Skolkovo Ventures, said, “Our investment in MAXIMUM Education is in line with our strategy of finding the most attractive growth areas directed at digitalization of the economy.”
Maxim Shavrygin, Investment Director of iTech Capital, also commented on being an investor and partner of MAXIMUM Education saying,
“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. 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”.
On the operation front, MAXIMUM Education employs 1000 professionals (including teachers and content developers), has taught over 130,000 students so far, and now offering 40 training educational programs. The company is currently present in 30 cities in Russia and Commonwealth of Independent States (CIS).