Academy of Changes (Академия перемен), a Russian edtech platform intended for women, has closed a 242 million ruble ($3.3 million) round of funding, some 18 months after inception early last year.
The funding was provided by TMT Investments, a London-based fund with Russian connections, and by the corporate fund of MTS, the Russian mobile major — each of them contributing 73 million rubles (around $1 million) — alongside other investors.
In March this year, a previous round brought 60 million rubles (around $800,000) to the startup.
The online courses of Academy of Changes cover a variety of supposedly women-oriented topics, from psychology, to yoga, to fashion, to health and beauty. The startup claims to use advanced technologies, aiming to provide its users with the most personalized content. Using quantitative and qualitative methods, the platform analyzes user behavior, including purchase and webinar history.
The company claims a valuation of 1 billion ($13.7 million), expecting to generate some 300 million rubles ($4.1 million at the current exchange rate) in revenue this year.
The fresh funding will be used to develop product line and expand internationally. Academy of Changes is eyeing, in particular, the markets of Latin America and Southeast Asia.
Source: Rusven
