UOL EdTech has bought Brazil-based student education platform developer Passei Direto for an undisclosed amount, allowing learning technology provider Chegg to exit, Startupi has reported.
Passei Direto operates an online platform with 4 million active users that enables university students to collaborate on learning and source educational resources from each other. The deal will help UOL diversify an offering currently best known for adult education.
Chegg led a $6.3m round for the company in 2016 that included Bozano Investimentos, Redpoint E.ventures and Valor Capital. It had reportedly received about $290,000 in funding in 2012 and $1.9m the following year, in both cases from unnamed investors.
