Made through its Naspers Ventures division, the investment will be used to accelerate Brainly’s growth and impact worldwide.
“Naspers is consistently looking to invest in the leaders in markets that have global scale and the potential to be transformed by technology. The sizeable education market is a perfect fit,” said Bob van Dijk, CEO of Naspers.
He added, “Improving education delivery is a huge focus in every region around the globe, and Brainly has identified a way that technology can help drive educational impact beyond the traditional classroom model.”
Launched in 2009, Brainly is the world’s largest social learning network with over 60 million users.
Brainly enables its users to help each other with school work problems.
If a student got a question about an assignment or class discussion on any subject, or just want to learn more about a subject, he can post a question and within minutes receive a clear answer from another student.
Students can also share their knowledge by answering questions posted by other students.
In October 2015, the app launched in Nigeria and South Africa, providing students in these countries a chance to improve their school results.
“Over 60 million students in 35 countries interact with Brainly every month,” said Michal Borkowski, CEO of Brainly.
“We are convinced that our partnership with Naspers will allow us to accelerate this exciting growth globally, and double down on our focus in the United States,” he added.
The investment is also followed by the opening of Naspers’ San Francisco office, which will enable it tap U.S. technology companies for strong global growth.
This is the very first time Naspers has invested in an Education Technology (EdTech) company.
It hopes to continue this trend through Naspers Ventures, whose remit is to find investment opportunities beyond its traditional markets/segments.
“We are looking for companies and leaders with high potential and the ambition to have significant global impact. Education is a sizeable market that has not yet seen the technology impacts we have seen in other sectors, but we are now seeing dramatic innovations appearing. That makes EdTech a perfect fit for Naspers Ventures,” said Larry Illg, Naspers Ventures CEO.
One of the largest technology investors in the world, Naspers currently operates in more than 130 countries and markets with long-term growth potential.
In these countries, millions of people use the products and services of companies that Naspers has either invested in, acquired and built, including Allegro, Avito, eMAG, Flipkart, letgo, Mail.Ru, Movile, MultiChoice, OLX, PayU, ShowMax, SimilarWeb, and Tencent.