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.
“There are approximately 1.5 billion English language learners globally and the number of children among them reached 500 million in 2020. The global English Language Learning Market is projected to reach $55 billion by 2025, growing at 7% annually. In such an environment, founders with a precise business vision and a competitive English-learning platform will inevitably accomplish their ambitious goals. The platform currently demonstrates 3x year-over-year growth and the team supports these dynamics by entering new markets and scaling there. With its solid digital marketing and product expertise, Genesis Investments will help AllRight scale internationally and outperform itself,” commented Vitaliy Laptenok, General Partner of Genesis Investments.
“Recently, we have launched a mobile application with a Virtual Tutor, who gives additional lessons and communicates with students. At this stage of technology development, we can not replace real teachers with virtual ones, but we are working on the close integration of real and artificial intelligence. We are experimenting with allocating part of the lesson time to the AI-teacher so that the real teacher can conduct several classes at once to reduce the cost of the lessons,” said Oleg Oksyuk, CEO and founder of AllRight.
This round is the largest deal of Genesis Investments so far. The investors hope that their experience in digital marketing and product expertise will help the startup to scale faster.
