It plans to use the new funds to expand its global presence and invest in new acquisitions and partnerships.
Classplus, an ed-tech business that helps educators and content creators build online courses, has secured $70 million in a new round of investment led by Alpha Wave Global and Tiger Global. Following the newest fundraising round, Classplus’ valuation is believed to be over $600 million.
The latest round of expansion funding comes just eight months after the business raised $65 million in June of last year.
Chimera Ventures, located in Abu Dhabi, has joined the newest round as a new investor, while old backer RTP Global has doubled down and participated in the fundraising.
According to the corporation, the additional cash will be used to grow its worldwide footprint while investing in new acquisitions and collaborations.
“We like that the company (Classplus) can successfully cater to the large offline market of educators across segments such as K-12, test prep and others,” said Navroz Udwadia, cofounder, Alpha Wave.
Classplus, founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, is a software platform that enables educators and content creators to develop their online profile, digitise their offline tuition facilities, and offer their courses online.
The firm says that it has seen uptake from instructors teaching kindergarten through grade 12 (K-12) as well as test prep areas. According to the firm, non-academic content providers from industries such as fitness, lifestyle, personal finance, language instruction, and programming have joined the platform.
Class plus now claims that 75 percent of its teaching base originates from Tier 2 Indian cities and beyond. It provides services to over 100,000 educators and content developers from over 3,000 villages and Indian cities.
In addition, the firm has announced plans to expand into Southeast Asian markets such as Singapore, Vietnam, and Malaysia.
Class plus has garnered $160 million in funding since its launch, with investors including Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, and Times Internet.
Teaching, which also allows teachers to establish their own virtual classrooms, competes with Class plus. Teaching just raised $78 million in October of last year, with Rocketship.VC and Vulcan Capital leading the way. The startup was valued at around $500 million in that round.