Ed-tech start-up focused on language learning Edvive announced today that it has raised a $50,000 pre-seed investment led by four Bangladeshi technology investors. First reported by TBS, a press release did not disclose investor details.
Previously, Edvive received $300,000 in in-kind support from Microsoft and Google for startups. In addition, the company is also a beneficiary of IDEA project grant from the Government of Bangladesh.
Edvive describes itself as a peer-to-peer learning platform. The company says it is building an on-demand chat platform to practice English online in a peer-to-peer environment. The company writes on its website that its peer-to-peer learning platform provides unique dashboard support, three conversation partners, and a guided mentor.
Founded in 2020 by Mohidul Alam, Edvive claims to have served 29,000 students and worked with several leading organizations including the British Council, IDP and Education USA. Mohidul started the business right after graduating from high school.
The company says it’s in the middle of a product pivot and plans to use the new funding for global user acquisition, app development and team building.
Education technology companies have seen accelerated growth and heightened investor attention in all markets in recent years. The pandemic has taken this to a whole new level.
We predicted last year that more fundraising activities will take place in Dhaka’s ed-tech space. We wrote in EdTech Startup Shikho Raises $1.3M in Seed Funding: “In recent years, investors have shown growing interest in EdTech. In India, neighboring Bangladesh, several big players exist in the vertical, including that of Byju, and the vertical is well known for attracting large investments. The fact that Shikho has raised new investments speaks to this new market reality and that things are about to change for the vertical in Bangladesh.
While some of this enthusiasm for edtech is waning across all markets, Bangladesh remains at a very early stage in the market to be affected by this global sentiment. Further early-stage deals are likely in edtech in Dhaka.