Edutech Startup Cuemath has Raised $5.5 Million in Funding Led by Manta Ray Ventures
Edutech startup Cuemath has raised $5.5 million in funding led by Manta Ray Ventures along with existing investors Google’s Capital G and Sequoia India.
Manta Ray was offered 100 shares in equity at a premium of Rs 8,31, 935 per share. In the Series B2 compulsorily convertible preference shares (CCPS), Manta Ray was allotted 22,915 shares with the total premium amount rounding off to Rs 19,08,67,065.
Capital G International was allotted 9,907 Series B2 CCPS shares at a total premium of Rs 8,25,18,875. Sequoia-owned SCI Investments V was allotted 13,692 shares and the total premium was rounded off at Rs 11,40,45,466.
The startup had raised $4 million in 2016 as its series A funding from Sequoia India and Unitus Seed Fund.
Cuemath was born with a vision to help students learn math the right way and overcome the difficulties they face due to traditional blackboard learning.
Cuemath provides after-school maths tuition classes. It uses physical worksheets, quiz cards with other tablet-based in-house content. It essentially targets students from lower kindergarten to standard 10.
It operates on a micro-franchisee model, where local tutors sign up with the company to conduct classes at their home. Cuemath is a technology-driven content platform which combines adaptive and gamified learning with a curriculum that focuses on first-principles learning.
