Latvian startup Edurio has raised EUR 525k in a round led by Practica Capital with participation by Capitalia and angel investors from the UK and Latvia.
Edurio is a UK and Latvia based EdTech startup that enables schools to listen to their staff, parents, and pupils by collecting regular stakeholder feedback on key elements of education quality. Edurio’s proposition is a new way of evaluating and benchmarking education quality in schools beyond exam results. It offers school leaders deep multi-dimensional insights and a real impact on learning outcomes.
Edurio is used in over 1000 schools internationally and has a team of 28 working across its Riga and UK offices.
“The investment allows us to accelerate our growth in the UK where Edurio has rapidly become one of the leading solutions for stakeholder feedback management. We are currently building a UK sales and marketing team and further growing our product team to develop our product portfolio, to help evidence-driven school improvement at an ever-larger scale,” says co-founder of the company Ernests Jenavs. “More than the investment, we are extremely excited to have Practica Capital become a part of our journey as their insights in scaling sales processes are unparalleled in the Baltica. Edurio has already greatly benefited from their guidance as we have structured our sales process and seen immediate results.”
“It is already the second investment in Latvian founders from our new fund fulfilling our mission to partner with ambitious Baltic entrepreneurs in Europe. It is also the second investment for Practica Capital in the education space,” says Investment Director of Practica Capital Arvydas Bložė.
This round follows a highly successful Horizon2020 project where Edurio received a EUR 1.86m grant from the European Commission to develop analytic capabilities and validate the platform in five countries.
About Practica Capital:
Practica Capital is a dedicated Baltic VC focusing on investments in the Baltic (Lithuania, Latvia, Estonia) and Baltic-origin (e.g. Baltic diaspora) ventures in Europe. Selectively, we also invest in the neighbouring Europe (Nordics, Germany, Poland, Eastern neighbours).
We invest from €200k to €2m+ in seed, early and select growth stage ventures as a cross-industrial investor focused on backing great teams behind the tech-driven businesses from the region.
3 funds in 2 generations with €46m under management after the €22m first close of the latest Practica Venture Capital II fund by end of 2018 with Invega advised by the EBRD, our team and a number of other local and international investors targeting €40m in total commitments in the final closing in 2019. 40+ investments, the most active Baltic syndicate partner, independent local team.