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Netology and Foxford receive $1.1 million investment after merger

0 3 September 2014

Netology has merged with online education centre Foxford. The company formed by the merger, the “Netology Group Online Education Centre”, will be headed by Netology CEO Maxim Spiridonov. It has already received $1.1 million from InVenture Partners during a new round of investment (the fund bought a minority stake in Netology in April 2014). The new company has been valued at $14.1 million.

The Netology Group will now cater for the whole educational cycle, with Foxford aimed at school pupils and those preparing to enter higher education, and Netology's IT courses aimed at students.

Maksim Spiranov:

“Netology counts on a large number of experts in marketing educational products amongst its ranks, whilst Foxford’s strength lies in its technology. In these as well as other areas the two projects complement each other perfectly. The merged company will now cater to both a young and adult audience, and will count on a team of almost 100 employees.”

Maxim Dreval, Netology Group executive director:

“The higher education market in Russia has huge growth potential. According to various ratings, it is worth up to $2 billion. The largest share of that is offline courses and private tutoring. We are certain that thanks to its educational methodology and technology, Foxford is cable not just of competing with them, but even radically changing the structure of the market. We are making things more simple and more transparent.”

Sergei Azatyan, InVenture Partners managing partner:

“The company is forecast to make a profit of $3.2 million in 2014. We expect further growth in the popularity of its products, which should lead to more than threefold growth in profits in 2015.”

Source: RusBase.vc

Top image via Shutterstock

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