School learning company XSEED Education on Friday said it has raised “significantly more than” $10 million from Verlinvest,a Belgium-based venture firm.
XSEED, which operates largely from offices in Singapore and Bengaluru and Gurgaon in India, said the fresh fund infusion is a Series-B funding and the corpus will be utilized to scale its operations in India and overseas and improve its technology-enabled learning platform for children and schools, among other things.
“Proceeds from this round of investment will be utilized by XSEED to scale its footprint to reach 10 million children by strengthening its technology platform, international footprint, and brand in the K-8 elementary education space,” the company said in an email.
Lighthouse Funds, a New York-based fund, was the first investor in XSEED in 2010. While not disclosing the exact size of the latest round, a company official said “it was significantly larger than its Series A of $10 million”.
Frederic de Mevius, chairman of Verlinvest, said “we believe there is a great potential to improve early education in India and XSEED addresses this....”
XSEED is Verlinvest’s first education investment and Nicholas Cator, executive director of Verlinvest, will join the company’s board of directors.
“We seek investors who understand our vision, are long term in their thinking, and have a value system that supports human development. Verlinvest and Lighthouse are just that,” XSEED founder and chairman Ashish Rajpal said.
XSEED currently caters to at least one million students in over 3,000 schools, and helps schools with learning outcomes, teaching, and assessment of students.