New Zealand’s Edtech Startup Crimson Education Nabs $5M Funding from Solborn Investment


New Zealand’s Edtech Startup Crimson Education Nabs $5M Funding from Solborn Investment

New Zealand-based edtech startup Crimson Education, a platform that helps students get into their dream university, has raised a $5 million funding from Solborn Investment, the venture capital arm of Korean holding company Solborn Inc.

The latest round of investment has brought the value of the company to $245 million, a big leap from the $160 million valuation Crimson had in 2016 when Tiger Global invested $30 million.

Founded in 2014 by Jamie Beaton, Sharndre Kushor and Fangzhou Jiang, Crimson Education provides consulting service to help students identify top colleges or universities and what they need to do in terms of academic and other activity to get in there. The startup’s personalized team of admissions strategists, leadership mentors, and tutors provide the insight that students need to stand out as a top applicant so that they are in the best position to receive that acceptance letter when admission season rolls around.

Crimson Education currently works with 1500 tutors and has had 20,000 students use its platform to date. The startup claims it has successfully placed 950+ students to top 50 US universities, 57 to Oxford and Cambridge, and 193 to Ivy League Universities. Besides, Crimson also offers $102.5 million worth scholarships and financial aid to its students.

As for the business model, pricing varies depending on the stage of the student (it offers programs for kids as young as 11), and what that student does - for example, straight SAT tutoring or a full-service program that includes identifying schools, getting the right qualifications in order and applying. The average revenue per students in the US ranges between $5000 and $10,000. Tutoring starts at $80 per hour and $2000 per module for the younger program.

Crimson Education is based around not just a network of human tutors, but a set of proprietary algorithms to identify what a student needs to do and the likelihood of achieving it, an app, a YouTube channel, a Q&A board, and a philanthropy arm focused on providing financial aid to people to use Crimson and to help Crimson students access and get scholarships and other financial aid to study.

Meanwhile, it is reportedly said that Solborn made this investment with the aim to help Crimson build its business in its country South Korea, where a huge population of young people are keen to study outside the country. With the latest funding round, Crimson has raised $42 million to date and it seems the startup is quietly gearing up to raise another round to double down on another new market for the company: students in the U.S., who are also looking for the same or better guidance to get into schools in their own country.

Img Src

About the Author
Author: Stephen Soulunii
Stephen Soulunii No more a student, but love to learn. Not a teacher, but care about how students are taught. Not an educator, but want everyone to be educated. Not a social worker, but desire to see change. Not a reformer, but always want to see a better world. The author believes that only sound education can bring a better future, better world and technology can help achieve a lot in this field.

Like what we do?

The Latest EdTech News To Your Inbox

Follow us:

   

   

 

Latest EdTech News To Your Inbox

About ETR Community

EdTechReview (ETR) is a community of and for everyone involved in education technology to connect and collaborate both online and offline to discover, learn, utilize and share about the best ways technology can improve learning, teaching, and leading in the 21st century.

EdTechReview spreads awareness on education technology and its role in 21st century education through best research and practices of using technology in education, and by facilitating events, training, professional development, and consultation in its adoption and implementation.

 

-> Read More

Join The Community

Subscribe and Join the 80,000+ members who trust us...

Follow us on

 
Testimonials
I find every news, reviews very informative and interesting. This site is indeed a great site for both teachers and learners. Thanks to EdTech for creating such an enriching site on education. Hats off!!
- Regin Brown, Educationist and Blogger, United Kingdom


My group likes this site because it's so up-to-date and has tons of relevant articles.
- Angela Giuliano, Teacher, New Mexico


Your write ups and articles ignites the minds making them receptive to the whole new wealth of EdTech.
- Jagat Rana, Parent, India


EdTechReview has some great resources for teachers who need to get some ideas about technology in the classroom.
- Loretta Wideman,Teacher, East Africa


EdTechReview keeps educators up to date with trending tech savvy terms relative to the discipline.
- Dr. Ingrid Rizzolo,Education Professional, Curriculum and Instruction Designer, New York City Area

-> Read More

Go to Our Client List

Adobe Avaya Bettasia Bonio Campus Management CK12 CKS Evernote IBM Intel IQPC Kidzania McGraw Hill Moodle Moot USC Rossier CMR University The British School Canadian International School Pathways Ridge Valley

Subscribe to our Newsletters...