Change Ventures participated in the $1M investment round of edtech startup 99math
Photo: 99math team
Estonian startup 99math has raised $1 million to boost its edtech math gaming platform aimed at making math fun. The round was led by Genesis Investments and supported by Change Ventures and five angels from well-known unicorns, including Bolt, Wise, Pipedrive.
99math is a free tool for teachers and schools to engage students and it works as a platform for game-based math practice. Math problems are generated based on teacher preferences, and students play on their own devices.
After debuting as a beta tool in 2019, 99math grew into a gaming platform for kids with over 300,000 users. Together, students in 99math have solved over 170 million math problems. It turns out one of the tricks to getting children into math is to get kids competing with each other in the classroom.
Vital Laptenok, the general partner at Genesis Investments, said in a statement that 99math has solid traction and organic growth. The venture firm hopes to share its expertise in subscription businesses with 99math to help it reach a greater scale in the U.S. and globally.
The company has 10 people now, spread across Estonia, the rest of Europe, and the U.S.
“Since the moment my friend from Change Ventures introduced me to 99math, I knew it was a startup with huge global potential. First, I was impressed by the team’s ability to work with U.S. and Latam teachers and satisfy their needs properly, while building the product from Estonia,” said Elena Mazhuha, investment manager at Genesis Investments. “Secondly, customer feedback on 99math indicated that the team managed to build a product truly loved by its users. The majority of teachers recommended 99math to each other all over the US and other countries, which gave 99math rapid organic growth. And finally, the global market opportunity for math education is large. According to our calculations, only in the US parents spend around $28 billion on additional math education and tutoring.”
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Photo credit: VentureBeat; MChe Lee
99math is a free tool for teachers and schools to engage students and it works as a platform for game-based math practice. Math problems are generated based on teacher preferences, and students play on their own devices.
After debuting as a beta tool in 2019, 99math grew into a gaming platform for kids with over 300,000 users. Together, students in 99math have solved over 170 million math problems. It turns out one of the tricks to getting children into math is to get kids competing with each other in the classroom.
Vital Laptenok, the general partner at Genesis Investments, said in a statement that 99math has solid traction and organic growth. The venture firm hopes to share its expertise in subscription businesses with 99math to help it reach a greater scale in the U.S. and globally.
The company has 10 people now, spread across Estonia, the rest of Europe, and the U.S.
“Since the moment my friend from Change Ventures introduced me to 99math, I knew it was a startup with huge global potential. First, I was impressed by the team’s ability to work with U.S. and Latam teachers and satisfy their needs properly, while building the product from Estonia,” said Elena Mazhuha, investment manager at Genesis Investments. “Secondly, customer feedback on 99math indicated that the team managed to build a product truly loved by its users. The majority of teachers recommended 99math to each other all over the US and other countries, which gave 99math rapid organic growth. And finally, the global market opportunity for math education is large. According to our calculations, only in the US parents spend around $28 billion on additional math education and tutoring.”
- Read the full article on VentureBeat
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Photo credit: VentureBeat; MChe Lee