Edtech and gaming startup AvalonMeta Ventures Pvt. Ltd recently announced that it has raised $420,000 (approx ₹3Cr) in funding led by Preeplays, a blockchain-based gaming company. Other investors include Chicago-based venture capital firm Purvi Capital and Abhinav Chhikara, former Design Head of Unacademy. AvalonMeta was founded by Varun Mayya, Shashank Udupa, and Abhinav Arora in 2018.
According to the company statement, Avalon Labs, the parent company of AvalonMeta, is also investing equity-free capital of up to $250,000 (approx ₹1.8Cr) into the startup.
The company claims to be a hybrid between an education and gaming company tapping into social media influencers to teach users concepts that are more practical, such as personal finance and design. According to the company statement, so far AvalonMeta has gathered over 50 million impressions across various platforms since its soft launch in December 2018.
Chief Executive Officer of AvalonMeta, Varun Mayya said that the firm is not looking to compete with ed-tech startups that are offering academic courses online.
Varun Mayya, an alumnus of the Manipal Institute of Technology, had earlier co-founded the hiring portal Jobspire that had attracted VC funding including from Purvi Capital in 2015. Jobspire was later acquired by the New York-based interviewing platform JustCode for an undisclosed amount in 2017. After that, Mayya started Avalon Labs. Avalon Labs invests and provides business services to technology companies. Avalon Labs’ investments include B2B sales automation company Foxbound and digital networking firm Mana Network.
Mayya also added that he, along with Udupa and Arora, has moved from Avalon Labs full-time to manage the startup.
Edtech startups have been gaining quite significant investments in the current scenario. Last year, Nazara Technologies Ltd acquired a majority stake in Paper Boat Apps Pvt. Ltd, a Mumbai-based edutainment studio. Venture capital firm Chiratae Ventures also led a Series A funding round in Bengaluru-based educational toymaker PlayShifu last year.
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