Eight Roads Ventures leads Series A round in Quizizz

Quizizz, which gamifies quizzes and interactive lessons, has raised $12.5 million (around Rs 91 crore) in a Series A round of funding. 

The round in India and United States-based Quizizz has been led by Eight Roads Ventures. 

Eight Roads, which is a global venture fund, has been investing in India since 2007 and says it has $1 billion under management in the country. 

Other participants in this exercise include GSV Ventures, Rocketship.vc, and existing backers Nexus Venture Partners and Prime Venture Partners, Quizizz said in a statement. 

Prior to this round, the platform raised $3 million (around Rs 20.6 crore) in August 2018 in a round led by Nexus Venture Partners. Prime Venture Partners and angels also participated in the round. 

Quizizz, operated by Quizizz Inc., was set up in 2015 by Ankit Gupta and Deepak Cheenath. The company says its platform helps teachers create quizzes and interactive lessons that result in immediate student feedback. 

It claims that it is used in over 65% of schools in the US. Further, Quizizz says it is also a profitable company. 

The startup will use the capital raised in this Series A round to expand its team to support school and corporate customers, as well as accelerate international user growth. It will also focus on product development with a view to reducing teacher workload. 

“Quizizz’s customer-centricity and product-first approach has resulted in a highly engaged community of teachers and students. We have a strong belief in Ankit and Deepak’s deep understanding of their users which has resulted in incredible word-of-mouth growth,” Eight Roads Ventures India partner and head of technology investments Shweta Bhatia said. 

According to VCCEdge, the company in 2015 had raised an undisclosed sum from Prime Venture Partners. 

Other companies in the edtech space that have raised funding recently include ImaginXP, Doubtnut, Kutuki, and Newton School. There has been some consolidation in the space as well, with larger companies in the sector such as Vedantu and Unacademy making acquisitions.