AllRight.io, an e-learning startup with Ukrainian and Russian roots, has raised a $5 million Series A round led by Ukrainian venture firm Genesis Investments, with participation from TMT Investments, TerraVC and existing investors Misha Lyalin and Flashpoint. The latter, previously known as Buran Venture Capital, invested $1.5 million in the startup in March 2019.
Founded in 2017, AllRight provides childrens aged 4-12 with courses of English as a foreign language. The teachings combine lessons with real teachers and homework with “AI-powered” tutors.
The fresh funding will help AllRight enter new markets and strengthen its positions in Poland, Russia and Spain, its initial markets, as well as in Latin America.
AllRight has Spanish-English, Polish-English and Russian-English language pairs, garnering 9,000 students who take 50,000 lessons per month, as reported by TechCrunch.
“This is the biggest deal of Genesis Investments by date,” Genesis Vitaly Laptenok, general partner of Genesis Investments, told the US tech publication. According to him, “the platform currently demonstrates 3x year-over-year growth and the team supports these dynamics by entering new markets and scaling there.”