Alpha Wave leads $57m funding in edtech platform Cuemath

Edtech platform Cuemath has announced a fundraise of $57m in a round led by Abu Dhabi’s Alpha Wave.

The fundraise, led at a valuation of $407m, includes all existing investors, including Lightrock India, Sequoia Capital India; Alphabet independent growth fund CapitalG; Manta Ray; and Unitus. The funds will fuel strengthening product-pedagogy outcomes, growth initiatives, acquisition and partnerships, and catalyse efforts to build a strong global maths brand.

The online maths tutoring platform aims to expand to over 100 countries by FY’23. This plan includes bolstering its presence in North America, APAC, the UK, Europe, Middle East and capturing markets in Africa and South America, a statement said. Currently, Cuemath maintains a presence in more than 70 countries.

Vivek Sunder, CEO at Cuemath, commented, “Cuemath’s latest fundraise is a significant feat given the present industry trends. Valuations have become more realistic with rationalisation hitting the market; only those growth-stage startups with solid business fundamentals can now establish trust with VCs. Therefore, this substantial inbound interest from all our existing investors validates Cuemath as a knowledge expert in the global after-school maths tutoring market and signals acknowledgment of the developments over the past few quarters.

“Cuemath has shown promising growth since the last funding. Product innovation and personalisation coupled with a low Capex model augmented our global scale-up and beefed our conversion rates by 3X.”

Manan Khurma, founder and chairman, Cuemath, said, “What distinguishes Cuemath from almost every other edtech company is that we focus on one thing and one thing only – deep maths learning outcomes. In every Cuemath class, the student experiences a powerful and personalised combination of a highly visual maths curriculum delivered by a rigorously-trained, caring teacher. This has enabled Cuemath to have one of the best retention rates in the industry (80 per cent), with half of all new admissions happening via referrals.”

Earlier this year, Cuemath announced its expansion into Saudi Arabia, after the company’s launch and growth in the UAE  and expansion into Qatar.

Read: Global edtech Cuemath expands to Saudi Arabia