3 Dec '20
Russian-British educational company MEL Science has raised $ 14 million from a group of foundations. Among them are the Russian-Chinese Venture Fund, the Emirati state fund Mubadala Investment Company, Channel 4 Ventures, and others. The company's valuation, as well as the shares received by investors, are not disclosed.
MEL Science was founded in 2015 by Russian entrepreneur Vasily Filippov and is registered in the UK. The service sells subscriptions to chemistry kits, as well as online lessons in augmented and virtual reality. The service is positioned as an auxiliary resource for children 5-14 years old for home and school education. The starter kit includes the Molecular Viewer VR glasses from Google Cardboard, where you need to insert your smartphone, as well as a macro lens, a torch and other necessary devices. The company's services are available in over 30 countries.
Filippov said that MEL Science now intends to scale its business model. We are talking about increasing the number of school subjects on the appropriate platform, providing services not only to families, but also directly to schools, as well as expanding the geography. Now about 65% of the company's clients are concentrated in the USA, another 15% in the UK. MEL Science intends to actively develop in the Chinese market.
The company does not disclose the number of clients, as well as financial indicators. Filippov only noted that the number of users on her pages in social networks exceeded 3 million.
By 2030, the volume of the global EdTech market will reach $ 10 trillion, the words of TMT Investments managing partner Artem Inyutin are quoted in the company's message. He expects that the new round of investments will allow the company to strengthen its position in international markets.
So far, MEL Science has raised $ 11.7 million in three rounds, according to TechCrunch. In 2016 and 2017, Sistema_VC, Sistema's venture capital fund, invested $ 2.5 million and $ 3.2 million in the company, respectively. In 2019, MEL Science raised $ 6 million from a group of investors, including TMT Investments, Digital Horizon, Yandex, Sistema_VC, and Phystech Ventures.