Funding Alert

Wise Secures $5 Million in New Funding to Assist Educators in Reaching Global Audiences

• ByStartupStory     |    January 28, 2022

Wise Raises $5 Million in New Funding to Assist Educators in Reaching Out To International Audiences

Wise, an educational technology startup, has raised $5 million in new funding from James Beshara and a group of other institutional investors.

Weekend Fund, Shrug Capital, Remote First Capital, Taurus VC, Operators Partners, and other VC funds as well as individual investors participated in the funding round.

The funds will be used to help the startup expand its global footprint. Wise will also put the money toward developing B2B solutions for tutoring academies that already use its platform.

Wise, founded in 2020 by IIT-Bombay graduates Bilal Abidi and Mubeen Masudi, makes it simple for teachers to set up online classrooms. The platform, which also works on 2G, combines Zoom’s functionality with essential modules for automated attendance, assessment, evaluation, and communication, providing a single interface for the entire classroom experience.

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The platform now has over 2 million users and over 7 lakh monthly active users.

“Covid removed the inertia from live online learning for a huge segment of the market, accelerating a trend that was already in motion,” Wise CEO Bilal Abidi said of the fund raise. For educators who will ride this trend, we’re building a premium classroom and business management experience.”

The edtech sector has shifted dramatically as a result of Covid-19. Prior to 2020, the edtech market was largely ignored, but the pandemic drastically changed the space’s fortunes. In 2021, Indian edtech startups raised over $4.7 billion in 165 deals, demonstrating this trend. Last year, BYJU alone raised nearly $1.9 billion.

In addition, three new edtech unicorns were minted in 2021: Eruditus, which was valued at $3.2 billion, upGrad, which raised $185 million and was valued at $1.2 billion, and Vedantu, which was valued at $1 billion.

In the year 2022, the story continues. Growth School, a live learning platform, raised $5 million in funding led by Sequoia India earlier today. Super Scholar, an edtech startup, raised $400k from a group of investors led by Magic Fund earlier this month.

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