Netology Group, a major Russian online education platform, announced last week that it raised $2.1 million from Buran Venture Capital and InVenture Partners.
This round is Netology’s third one in less than one year, following a Series A round with InVenture Partners in April 2014 and a $1.1million capital injection from the same fund in September.
The details of the latest transaction have not been disclosed, but the group indicated that the funds will be used to enhance its current services, develop new products and further upgrade its online platform, Rusbase.com reported.
Netology Group CEO, Maksim Spiridonov, has stated that the company is already working on a number of new products. A new Russian language course for children and non-Russians is set to be launched very soon, as well as an online course for an advanced school teaching qualification and a range of courses for schoolchildren.
Netology Group was formed in September 2014 as Netology, which offered courses in the fields of Internet business, web development and e-commerce, merged with Foxford, a provider of online courses for secondary school students. The deal valued the joint venture at $14.1 million.
The group aims to provide “a unique model of the full online education cycle in Russia.” Foxford services address the needs of secondary school students and prepare them for university admissions, while the Netology platform helps students gain practical skills and make a career.
The Netology Group is thus positioning itself as one of the biggest players on the Russian online education market, with revenues reaching several million US dollars in 2014.
According to J’son & Partners Consulting, in 2014 the Russian online education and training market stood at 70-100% in monetary terms compared with 2013. According to the company’s data, the market as a whole, including online tutoring and corporate training, is worth $1.5 billion, notes Rusbase.
Among Russia’s other online business education platforms are Eduson.tv, an internationally-oriented project launched in the spring of 2013; Besmart.net, which offers educational and informative content; and Zillion.net, which offers webinars and online courses in marketing, sales, finance and management.
Another project is online micro-course platform Coursmos, which has raised $1.2 million in investment since its launch in March 2014 – including $600,000 just weeks ago.
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