AllRight.io, an e-learning startup with Ukrainian and Russian roots, has just secured $1.5 million in a funding round led by Buran Venture Capital.
Founded in 2017, AllRight provides childrens aged 4-12 with courses of English as a foreign language. The startup claims to serve more than 1,700 active users monthly, essentially from Russia, with 150 teachers coming from a variety of countries across the world.
Soon after launch, the startup received an initial capital injection of “several hundreds of thousand USD,” said its founder, Ukrainian born Oleg Oksyuk, in an exchange with Ukraine Digital News.
This unnamed individual investor also took part in the latest round.
The fresh funding will help AllRight develop further its product, strengthen its position in its native Russian market, and expand to new markets.
“We launched our service in Spain and Poland just few weeks ago,” Oksyuk told UADN. “Our product is now fully adapted to three languages [English, Polish and Spanish] with ten teachers who speak these three languages as well as sales and customer support available to users from these countries.”
The startup is registered in the USA, even though its team is still established mostly in Eastern Europe.
Operating essentially in Russia, Hungary and Israel, Buran Venture Capital has several e-learning startups in its portfolio – including Netology, a leading online education platform in Russia, and Learn2play, an eSports learning platform.
“Our experience in the online education sector makes us confident that the large size of the market, combined with low level of technology adoption, leaves plenty of room for development of online services,” stated Mihaly Szalontay, the fund’s managing partner.
“The way kids learn is rapidly evolving and AllRight is well positioned to disrupt the English teaching industry,” he added.