Edtech startup Leverage Edu has raised Rs 47 crores as part of its Series A funding round led by Mumbai-based venture capital fund, Tomorrow Capital. Existing investors Blume Ventures and DSG Partners also participated in the round. This is the second investment by the $100 million venture capital fund in an education startup in a month’s span. In January, the fund led a Rs 14 crore series A investment in BeyondSkool, an online upskilling platform for young students.
The funding came from the Rs 200 crore pool set aside by Tomorrow Capital for new investments in 2021. The fund will work closely with the founders of both startups in building their distribution and branding. Leverage Edu is an educational consultancy service that provides mentorship and helps students get admissions into world-renowned colleges.
Education space has emerged as one of the key focus areas for the fund. “We have been studying the space for a while now and identified higher education and co-curricular support for K-12 as areas which present an opportunity to build highly scalable brands,” Rohini Prakash chief executive officer, Tomorrow Capital said in a statement.
Elaborating on the reason for investment in Leverage Edu, Prakash points out, the startup’s highly scalable online model is uniquely placed to cater to a growing demand for a more globalized education experience. With this new investment, the fund has so far invested close to Rs 100 crores in the last three years in five early-stage start-ups, including Bonito Designs and Multiliving Technologies. In November 2020, the fund exited from ZenoHealth with over 7x return in two years. Previously known as Generico, ZenoHealth is a pharmacy chain selling low-cost generic drugs.