Toronto-based EdTech startup LumiQ has raised CAD $5 million in a funding round led by Firmex founder and former CEO Joel Lessem to build its Chartered Professional Accountant (CPA)-focused podcast platform in the US.
The round also saw participation from Mark Jaine (former Intelex CEO), Will Anderson (Resolver President), Paul Hill (ex-Carta Worldwide CEO and Verafin Chairman), and other undisclosed investors.
The all-equity round was closed earlier this month and consisted of an undisclosed combination of primary and secondary capital, according to a report by BetaKit.
Founded by Michael Kravshik and Adam Bercovici in 2016, LumiQ (formerly known as Luminari) aims to “make professional education enjoyable.” The company’s podcasts—housed on its native mobile podcast app—enable CPAs to complete their annual training and professional development requirements more easily than via traditional means. LumiQ puts out about 20 new episodes per month on topics ranging from accounting updates to soft skills, case studies, and more scripted content, with successful business leaders from across the world.
LumiQ claims over 300 companies trust its platform as the CPD solution for their CPAs. It counts Deloitte, Purolator, First Capital, The Beer Store, KingSett Capital, and AstraZeneca as its clients among others.
LumiQ’s growth strategy involves expanding in the US. The company already has customers across the country, but it aims to grow more “upstream” by targeting larger accounting firms and private businesses.
According to Kravshik, LumiQ has always focused on profitability, and the startup has been cashflow positive over the past couple of years. The company has been able to do this in part because its business is less capital-intensive than other ventures.
The CEO added that he and Bercovici have always wanted to build a sustainable long-term company that is less susceptible to market volatility. Kravshik noted that this approach led LumiQ to seek out angel investors with experience as operators rather than VC firms.
With the latest round, LumiQ has raised $7.4 million in total funding.