Inventure's Netology merges with Foxford

The latest financing round values the combined entity, named Netology Group, at $14.1m.

The company will use the fresh funding to promote its existing offering, develop new courses and training programmes, and improve its technology platform.

Previous funding
In April 2014, Inventure acquired a minority stake in Netology in a deal valuing the company at $5.6m. The capital injection marked the first round of external funding raised by the business, which had previously relied upon investment from its founders.

Company
Founded in 2011 and headquartered in Moscow, Netology operates an online education platform that enables students to learn internet-related professions and business skills. Its online library of interactive courses combines video lectures and tests with gaming elements, aiming to retain a student's attention.

Netology offers a subscription model, requiring users to pay RUB 790 to access all courses on the platform, which is available on PC and mobile devices.

Foxford provides around a hundred online courses for secondary school students across a range of school subjects. Since 2009, the business has held 25,000 classes for 5,000 students on its platform.

Revenue forecasts for the joint company in 2014 stand at around RUB 120m.

People
Sergey Azatyan is co-founder and managing partner at Inventure. 

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• Topics
• CEE
• Expansion
• Consumer
• Russia