EdifyOnline, a Birmingham-based education technology company which serves as an exchange of independent teaching talents from communities and universities, has raised $600,000 in bridge round.
Founded in 2016 by Anil P. Agarwal, EdifyOnline enables online courses, reduces student dropouts, increases student enrolment in higher education, lowers the cost of education, and delivers the most effective learning experiences for students. The platform operates as a "one-stop-stop" to match talent demand with supply.
Commenting on the funding, CEO of EdifyOnline, Vik Agarwal, said, "The bridge round was raised in less than a month from when he first tested the waters for potential investors."
He further added, "What's really exciting is that a majority of people that invest are actually current employees or (existing) investors in the company, so there were no additional investors in this round outside of that. So it's pretty exciting and shows pretty strong beliefs, pretty strong conditions in the team, and it will put us in a good position."
"The bridge round is sufficient to keep the company on track for a while considering the team is still lean and the company has enough cash flow at the moment. But the raise also puts the company in a good position to raise funds in possibly the second or third quarter of this year", Agarwal said.
"The last few years for us, being an ed-tech company, we've gained a lot of brand recognition in the industry. We're a platform, we're a marketplace. We've had extreme success on growing our base of highly qualified instructors", he said.
The startup partners with instructors from communities across the globe to support the needs of teaching faculty and all students, from higher education institutions to high school and continuing education.
EdifyOnline believes the higher education institutions, communities and students are equal stakeholders in the noble cause of learning. It is dedicated to bringing them together.
According to Agarwal, the funds which were all sourced in Birmingham, will go toward scaling the company over the next six to nine months, mainly focusing on technology, hiring more people, customer acquisition and continuing to build the brand.
In addition to raising money, the company plans to grow its teams. Currently, it has seven employees but is planning to increase its total to 11 this month.
EdifyOnline had made its last fundraise in 2020 in which it built on a successful period during the pandemic when more clients needed virtual classes and lessons. The company won $50,000 in the Alabama Launchpad in 2017.