Language learning-focused ed-tech startup Edvive announced today that it has raised a $50,000 pre-seed investment led by four Bangladeshi technology investors. First reported by TBS, a press release did not disclose details of the investors.
Previously, Edvive received $300,000 of in-kind support from Microsoft and Google for startups. In addition, the company is also a recipient of the Bangladesh government's IDEA project grant.
Edvive describes itself as a peer-to-peer learning platform. The company says it is currently building an on-demand conversational platform for practicing English online in a peer-to-peer environment. The company writes on its website that its peer-to-peer learning platform provides a single dashboard support, three conversation partners, and one guided mentor.
Founded in 2020 by Mohidul Alam, Edvive says it has served 29,000 students and collaborated with several prominent organizations including British Council, IDP, and Education USA. Mohidul started the company right after finishing high school.
The company says it is in the middle of a product pivot and plans to use the new funding for global user acquisition, develop apps, and build a team.
Education technology companies have seen accelerated growth and equally increased attention from investors across markets over the last few years. The pandemic has taken that to a completely new level.
We predicted last year that more funding activities will happen in Dhaka’s ed-tech space. We wrote in EdTech Startup Shikho Raises $1.3M in Seed Funding: “Over the past few years, investors have shown increasing interest in EdTech. In India, Bangladesh's neighbor, several large players exist in the vertical, including Byju's, and the vertical is well known for attracting large investments. The fact that Shikho has raised new investment is a testament to this new market reality and that things are about to change for the vertical in Bangladesh.”
Although some of that excitement about edtech is in decline across markets, Bangladesh remains in a very early stage of the market to be affected by that global sentiment. More early-stage deals are likely in edtech in Dhaka.