Algorithmics (Algoritmika in Russia), a leading Russian online school of programming, has attracted $10 million in equity funding. Two major funds have backed the startup: Winter Capital and the Russian Chinese Technology Investment Fund. A previous investment came in 2019, when Mail.ru Group acquired a minority stake in the startup.
Founded in 2016, Algorithmics offers a set of courses and an IT platform for teaching children programming. “All methods and solutions are designed to ensure that children learn conveniently and comfortably, and that the classes are held as efficiently as possible,” the company claims.
The company will use the fresh funding to further develop its product and expand to such new markets as Latin America and South-East Asia. Algoritmika already works in 37 countries with more than 200 franchise partners. It claims to serve more than 150,000 pupils every year.
“The key factors of our success are our IT platform, our high-quality educational content based on the Russian methodology of teaching mathematics and programming, and our way of working with our global franchise network. Our aim is to become the number one international franchise for supplementary education in programming and mathematics,” Algorithmics founder Andrey Lobanov stated.
“The investment received will be enough to help Algorithmics reach its next peak,” he added.
Winter Capital is a Moscow-based international fund backed, in particular, by billionaire Vladimir Potanin. Just months ago, Winter Capital invested in SkyEng, a top Russian edtech startup.
The Russian Chinese Technology Investment Fun is a joint vehicle created in 2019 by Russian and Chinese sovereign wealth funds RDIF and CIC, aiming to “strengthen the ties between the two countries in the field of innovation.”
The indirect involvement of CIC is not correlated with any development plan in China, Algorithmics told East-West Digital News. It is independent from the fact that the online school has made its services available in several Asian countries.
“More school practice might be brought to China, however,” the company’s press service added.
