Edtech platform Unacademy, backed by Facebook and Sequoia, on Tuesday said that it led a strategic investment of $5 million to acquire a majority stake in Mastree, a leading K12 learning platform. This investment will further strengthen Unacademy’s presence in the K12 learning space.
In addition to the investment, Unacademy has provided venture fund Blume Ventures an exit, the company said in a statement.
With this investment, Mastree will join the Unacademy Group, which consists of Wifistudy, Kreatryx, CodeChef and PrepLadder. Just last week, Unacademy acquired PrepLadder, a postgraduate medical entrance exam preparation platform, for $50 million.
All these investments and acquisitions are in alignment with Unacademy’s aim of making education accessible and affordable to all, by working towards building the world’s biggest education platform.
Mastree is building a one-stop subscription product for STEAM (Science, Technology, Engineering, Arts and Mathematics) courses, for classes 5-8, which will include Live Classes in small groups for mathematics, science, public speaking, creative writing, Vedic mathematics, and others. Along with Live Classes, students can also utilise various features like doubt solving, unlimited personalised practice, Live quizzes, etc.
“Mastree is building a highly impactful subscription product, and it will change the way students learn. We are very happy to have Mastree as part of the Unacademy Group,” said Gaurav Munjal, Co-Founder and CEO, Unacademy.
“Mastree’s mission is to help students achieve academic excellence by igniting their curiosity and providing them with personalised and affordable education. We are excited to be a part of the Unacademy Group and have the Unacademy team as a partner and mentor in this journey,” said Shrey Goyal, co-founder and CEO, Mastree.
Unacademy currently has over 20,000 Educators, 30 million+ Learners, and caters to over 35 exam categories.
In February, Unacademy had raised $110 million from Facebook and General Atlantic valuing the startup at $510 million.
This article was first published on livemint.com.