1 Nov '19
A Russian company called Maximum Education is using sophisticated technology to help high school kids prepare for important exams both offline and online.
Set up in 2013, Maximum Education has been focused on ways of enhancing schoolchildren’s education. In addition to the unified state exam each school kid has to take before he leaves high school, the company trains children in the English language and computer skills. An unnamed spokesperson for Maximum Education said the company had around $8m in revenue last year and “posted profit” (unspecified though).
This past summer Skolkovo Digital, a Skolkovo Foundation investment arm, invested $6m in the edtech company. Skolkovo Digital is run by Skolkovo Ventures and iTech Capital and using some funds from the Russian Venture Capital (RVC).
In 2016, Russia’s Higher School of Economics estimated the domestic market for additional education for schoolchildren at just over $2bn. Mikhail Myagkov, the founder and CEO of Maximum Education, expects the Russian market to reach $2.3bn by 2021. He estimates the online segment at a modest “within 10%”; however, with the federal government stepping up investment in large-scale education-related projects across the country, the segment may grow to 20-25% over the next three-to-five years.