Edtech startup eFaqt just raised 2 million euro to help scholars and students learn more efficiently. The money comes from current shareholders and two Dutch investment funds: The Hatch Firm and InvestInFuture.
eFaqt is a study tool helping students to remember lessons better, which also reminds them to study or take a break – all with the most efficient learning in mind. On the eFaqt platform students can exchange summaries as well and learn from each other.
With the funding, the Amsterdam-based startup (with its roots in Groningen) wants to develop the product further. Also the money is used for marketing, international expansion and customer acquisition, De Financiële Telegraaf reports.
Sales and expansion
Right now eFaqt has about 90.000 users throughout Europe, from which 10 percent is paying a monthly fee for the pro version, told founder Christiaan Henny to StartupJuncture. Near 20.000 users are students of educational institutions. “With the funding we want to do more sales to those institutions.”
The biggest market for eFaqt (next to The Netherlands) is Belgium. “Right now we are deciding where to go next. It’s going to be a country where they speak English, probably the UK or US”, Henny said.
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