Mitsui & Co. and Omidyar Network led a $7 million Series B funding in Geekie, a Brazilian education technology company. Existing investors Gera Venture and Virtuose also participated in the funding.
Geekie, Brazil’s leading education technology company, announced that it has raised US$7 million from Mitsui & Co., Ltd. and Omidyar Network. Existing investors Gera Venture and Virtuose also participated in this round of funding, which will fuel the company’s market expansion and product development.
Geekie’s robust adaptive learning platform has been designed to help learners improve their performance in different educational settings. Geekie Labs, the company’s adaptive learning platform, has been adopted by public and private high schools and students preparing for the Exame Nacional do Ensino Medio (ENEM). To date, over 3 million learners have benefitted from Geekie’s pioneering learning products. Last year, 550,000 students used Geekie Games – a free online platform to prepare for the ENEM – to improve their chances of gaining acceptance in prestigious public universities, and thereby creating a level playing field for learners across the country.
Geekie learning products have demonstrated improved learning outcomes – Geekie Games’ active users improved simulated ENEM test scores by 30% over their initial assessment after using the platform. Geekie is the only company of its kind in Brazil that offers an integrated assessment and learning platform for school administrators, teachers, and students.
“We are delighted to partner with Geekie. At Omidyar Network we are focused on supporting innovative and affordable technologies that have a positive impact on the learning outcomes of all students,” said Eliza Erikson, investments director. “Geekie is breaking down barriers for underserved learners by allowing them to improve their academic performance and prospects for employment and social mobility in the long term. Adaptive learning brings the student back into the center of the learning experience and provides an opportunity for all learners to aspire to and achieve academic success.”
“This partnership with Omidyar Network is a great achievement for us. We were looking for investors who could contribute meaningfully to the social impact of our business. We found in Omidyar Network a partner that shares our values, has a record of aiming for scalable and sustainable impact, and has a strong focus on technology, which is our core business,” said Claudio Sassaki, cofounder of Geekie. “It will also connect Geekie more closely to the innovative environment of Silicon Valley.”
Claudio Sassaki and Eduardo Bontempo founded Geekie in 2011. The company is committed to improving the quality of education in Brazil by customizing learning with technology so that all learners can explore their full potential and improve their academic performance.
With the investment in Geekie, Omidyar Network’s education initiative now supports 24 organizations focused on early childhood development, K-12 and work readiness across Africa, India, Latin America, Philippines, and the US.
ABOUT OMIDYAR NETWORK
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. Omidyar Network has committed more than $760 million to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple initiatives, including Consumer Internet & Mobile, Education, Financial Inclusion, Governance & Citizen Engagement, and Property Rights. To learn more, visit www.omidyar.com, and follow on Twitter @omidyarnetwork #PositiveReturns.