Malmo-based EdTech startup StudyBee has raised a € 500.000 (4.5M SEK) in investment, their second investment round. Among the investors are two Swedish national football team stars, Pontus Jansson and Robin Olsen, who have previously invested through their joint company PJ and PL Invest AB. In addition to them, ALMI Invest, Djäkne and Fast Track Capital are also investors.
StudyBee has developed a software that teachers can use together with the free tool Google Classroom. They add the ability to create bespoke attainment descriptors and assess learning against National Curriculum attainment targets. They will make it easier for teachers and students to follow the development and assessment process in the same module.
StudyBee was founded in 2015, and the CEO Ian Rattigan states that Studybee currently has about 50 paying customers from independent schools to smaller municipalities. Now they are aiming to deliver to larger organizations to a greater extent instead of individual schools.
The money invested at this round will be used for further product development, and for going abroad. One of the newest product development is a function that will support newly arrived that are in high school to master Swedish better.
With expansion to markets, the aim is to take the U.S.
CEO Ian Rattigan described their current situation to DiGITAL as following:
“We were much more ready than we thought, so we were already in sales discussions the first day. Therefore, we have pushed our plans to enter the United States forward.”
They have already launched pilot projects at schools in California, but in order to scale it up, more money is needed. Therefore, they plan to have another investment round to be completed before this summer.
“That will be an A-round, so it is considerably larger amount” says Ian Rattigan.