E-Learning Startup Odilo Raised $64M After Significant User Growth
Odilo, a startup founded in Madrid, Spain, developed a platform to provide more e-learning experiences to people worldwide. Recently, Odilo announced a large round of funding totaling $64 million.
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London-based investor Bregal Milestone was the biggest fundraiser, leading the pack in its round of funding. Swanlaab and CDTI (investment companies that previously funded Odilo) also invested money during the latest round of funding.
Until now, Odilo has only raised under $30 million. Currently, Odilo has gained about 170 million users across 52 countries. In particular, the white-label e-learning library acquired at least 8,500 customers. The funding will help grow the catalog further.
More About Odilo’s Fundraising and Growth
CEO Rodrigo Rodriguez founded the startup Odilo in 2012. Since then, the company has garnered an extensive catalog of e-learning items. Currently, the catalog holds 3.9 million items like:
- Three million books
- Educational courses
- Other classroom materials
The content comes in 43 languages from 6,300 publishers around the globe. The catalog acts as a white-label service and includes members like large libraries, government agencies, universities like the Massachusetts Institute of Technology, and large corporations like Google. Users also like that they can check out whatever content they desire at any time.
The startup will use the new $64 million in funding to expand the catalog and delve into new markets in North America and Africa. For instance, Odilo representatives are considering ways to develop platforms that allow users to create personalized e-learning libraries.
The rise of e-learning has enabled more students to continue their education during the pandemic. In addition, it allows individuals to gain a schedule to help them handle other life experiences like raising children or working part-time.
Google, for instance, has utilized the resources from Odilo to further build out its applications like the Google Classroom and the Google Scholar search process. Rodriguez told TechCrunch how Google has used Odilo to produce educational libraries and training tools for their staff.
Due to these developments and more, investors have gained more interest in funding Odilo to help the startup grow within the e-learning space. Further, the educational content market keeps expanding, and Odilo plays a significant role in the industry.
Other Related Developments From Around the Industry
Adcore Inc’s subsidiary Amphy is an online learning marketplace looking to launch a social commerce property among its courses. The feature would allow users to invite others to participate in an Amphy online learning course.
The social commerce feature will also provide a discount on the cost of the classes when a user gets a friend to sign up. Currently, the Amphy online learning marketplace hosts more than 1,000 live courses.
Essentially, the platform seeks to create a social media aspect where friends and family can connect and take live classes. Kovi Fine, Amphy’s head of operations, believes the social media connection will allow users to gain greater enjoyment when taking online educational courses.
The e-commerce and automation advertising system Adcore gained $4.1 million CAD in funding during the summer of 2021 via a public offering. The company plans to use the funding to expand the Toronto-based Amphy online learning platform and marketplace.
Adcore plans to expand Amphy via technical assistance, capital investment, and marketing skills and experience. In particular, the funding was used to increase the number of online classes on the platform beyond 800 courses and diversify the type of classes available.
The online learning industry has expanded recently due to more students studying from home. More students from kindergarten through graduate school have had the chance to attend online learning classes due to companies like Odilo.
Odilo raised $64 million in its latest round of funding, which the company plans to use to grow its catalog of e-learning items. The company will also expand into other markets in Africa and North America, including producing customized e-learning libraries. Educational institutions and corporations may benefit from utilizing the growing white-label e-learning library from Odilo.
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