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Home Industries Tech News
Edlyft raises over $1.4 million venture capital during pandemic

Edlyft raises over $1.4 million venture capital during pandemic

Chidi EmenikebyChidi Emenike
3 years ago
in Tech News
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Edlyft, an EdTech startup, has so far raised over $1.4 million in venture funding from a number of investors.

The investors include Kleiner Perkins, Y Combinator, Kapor Capital, Village Global VC, January Ventures, and Backstage Capital. Also, funding came from some respectable entrepreneurs such as Jeff Weiner (former CEO, now Executive Chairman of LinkedIn).

READ: StarTimes/NTA venture yielded no profit in 11 years – DG, NTA

It is practically impossible to run a business without capital, and sometimes, it is difficult to raise funds if the business is not well managed or successful.

Therefore, a balance must be struck; just as businesses strive to raise more funds for different purposes such as expansion, they must also strive to remain profitable.

READ: Deals: Cisco-backed Harambe invests $200,000 in Max.ng, Releaf Group

Commenting on the latest development, one of the co-founders of the group, Erika Hairston told Forbes:

“We started our post-demo-day fundraise in the final weeks of Y Combinator’s winter 2020 batch. Given that Black women receive only 0.06% of venture funding, I had a determined mindset; yet no one could’ve predicted the challenges of rising at the peak of uncertainty across the globe.

READ: Renault eyes electric cars for China, as demand for petrol cars drops

READ: $70 billion per annum will be needed to tackle pandemic induced poverty – World Bank

“I remained optimistic however because due to pandemic and children and young people not being able to go to schools and universities, our work only became that much more needed in the world.”

She added, “Initially, it felt impossible to build new relationships with institutional funds who didn’t already know us or who weren’t focusing only on their portfolio. As the world adjusted to fully remote, so did we and the investor community. One of the fun facts about our fundraising journey is that 10% of our investors came solely from introductions over Twitter.”

READ: Paystack partners Google to empower SMEs in Nigeria, Kenya, and South Africa

What you should know

Edlyft is a paid support platform that helps college students and adult learners through CS courses, by pairing them with inclusive mentors, online group tutoring, and tools for navigating complex subjects.

Venture capital is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.

READ: Biggest IPO: World’s biggest Fintech plans to raise $34 billion 


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Tags: Business NewsEdlyft.Tech news
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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