Dubai: Math tutoring platform Cuemath has raised $57 million in a fresh round led by Alpha Wave at a two-fold jump in valuation of $407 million.
The funds will fuel strengthening product-pedagogy outcomes, hypergrowth initiatives, acquisition and partnerships, and catalyse its efforts to build a strong global maths brand, the company said.
Existing investors such as Lightrock India, Sequoia Capital India, Alphabet’s independent growth fund CapitalG, Manta Ray, and Unitus also participated in the fundraising.
“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 start-ups with solid business fundamentals can now establish trust with VCs,” said Cuemath CEO Vivek Sunder.
“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.”
Currently present in more than 70 countries, Cuemath 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.
Manan Khurma, Founder & 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. These industry-leading metrics encouraged all our investment partners to support us yet again in our global maths mission.”
Founded in 2013, Cuemath is an after-school online math programme for KG to 12th-grade students.