The edtech juggernaut continues to roll with players in this segment raising $795 million in the first half of this year and the poster boys Byju’s and Unacademy raising over $1 billion since July. And now, coding platform Camp K12 is seeing investors’ interest and is said to be looking to raise a new financing round.
According to three Entrackr’s sources, Camp K12 is in talks to raise a $12-15 million round led by Falcon Edge. “Falcon Edge’s India focused fund Alpha Wave Incubation will lead the round while existing investors SAIF Partners and Matrix are also participating on a pro-rata basis,” said one of the sources on condition of anonymity.
“The talks have been on for the past couple of months and AWI is likely to offer a term sheet to Camp K12 soon.” In April this year, Matrix and SAIF led a $4 million seed round in the Gurugram-based company.
Of late, edtech startups have started laying emphasis on imparting coding skills to children (beyond 7-8 years old until +2). Currently, almost every edtech company including Vedantu, Toppr, Cuemath, Lido Learning, Coding Ninjas, and Uable has been offering coding classes for school-going children.
The euphoria in the sub-segment is largely driven by the success of WhiteHat Jr. The two-year-old company was recently bought by Byju’s in an all-cash deal worth $300 million.
The meteoric rise in the adoption of edtech platforms due to pandemic has been driving Falcon Edge AWI’s appetite in the segment. The company had already led a round in ClassPlus and in advanced conversation to lead a fresh financing round in Cuemath.
“Both these platforms don’t have hardcore expertise in the coding segment and AWI wants to balance its edtech portfolio with a bet on Camp K12 in this particular niche,” said the second source who also wished not to be named.
Founded in 2010 by Anshul Baghi, Camp K12 is the first local platform to offer coding skills to children. It connects students with tutors online with a primary focus on live learning courses for science, technology, engineering, arts and mathematics.
Entrackr had exclusively reported about AWI’s potential investments in both companies. Early this month, Class Plus raised over $10 million in a new round.
“I can neither confirm nor deny conversations with any specific fund, we’re in conversation with multiple investors,” said Bhagi, CEO of Camp K12 in response to our queries. Falcon Edge, Matrix and SAIF Partners are yet to respond.
Camp 12 is now looking to expand the k-12 students focused platform globally through live, interactive and gamified online sessions.