AAA Brainly brightens up with $14m

Brainly brightens up with $14m

Poland-based peer-to-peer learning platform Brainly has raised $14m of funding in a round led by investment firm Kulczyk Investments that included media and e-commerce group Naspers.

Venture capital firms General Catalyst, Point Nine Capital and Runa Capital also took part in the round, which increased the company’s overall funding to $38.5m.

Founded in 2009, Brainly has developed a portal where school-aged children can share and help each other with homework problems. It is accessible on the web and through an app, and recently passed 100 million monthly users globally.

The funding will be used to expand Brainly’s product team in order to develop new features for the platform. It comes after the company secured $15m in a May 2016 series B round led by Naspers subsidiary Naspers Ventures.

Brainly had previously received $500,000 in a 2012 seed round backed by Point Nine Capital, which returned for a $9m series A in 2014 that also featured General Catalyst and Runa Capital.

Larry Illg, chief executive of Naspers Ventures, said: “Since our initial investment in 2016, we have been impressed with Brainly’s growth, particularly in the US.

“Even beyond the staggering size of the Brainly user base, we have been pleased with the depth of user engagement and this is no doubt a result of the continued evolution of their platform to better serve students throughout the learning process.”

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