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Netology to Invest up to $ 10 Million in Education Startups
Netology is planning to launch an accelerator to help emerging EdTech projects. 10 to 15 companies will receive up to $ 10 million in total by transferring from 30% to 60% of their shares to Netology.
The accelerator will be called Startup.EdMarket. The first stage of the project will be open to Russian education startups only. Netology Group will select the two best projects and purchase small shares in them. About 10 more participating startups will assign 20% of their annual profit growth to Netology.
The accelerator will be launched on the 11th of November. Applications for the first stage of the programme will be accepted until 20th October and will last for 11 weeks. According to experts, the launch of such an accelerator can cost the company an amount equivalent to its annual revenue. Last year, it totalled RUB 737.5 million.
