COBALT advised Change Ventures on investing in a Lithuanian edtech Memby

2021 - 08 - 25

COBALT advised the venture capital fund Change Ventures which led Lithuanian edtech Memby’s €800k pre-seed round and co-invested together with Europe’s leading EdTech fund, Brighteye Ventures, as well as angel investors Justas Janauskas (CEO of Qoorio; co-founder of Vinted), Martynas Gudonavicius (CEO of Trafi) and the Marius Jakulis Jason foundation.

Memby is the first one-to-many real-time after-school tutoring service in Europe. Their classes provide highly engaging group lessons, with techniques and metrics measuring behavioural, emotional and cognitive engagement of the students. The classes on Memby’s platform follow the national curriculum of each country, which allows them to have numerous students in the classrooms at once, with the average number of students reaching 40.

Group classes mean that Memby is making quality education more accessible, one lecture at a time. Memby costs one fifth or less of the cost of one-on-one tutoring per class. They carefully handpick the teachers that are not only experts in their field, coming from the most respected universities worldwide, but are truly energetic, youthful and eager to help students learn.

After attracting over 3,000 students and parents to the platform within the first six months of operation in Lithuania, Memby will now use the new funding to expand first into the Greek and Polish markets, with Slovakia and Italy slated for the H2 2022.

COBALT advised Change Ventures on the structuring of the transaction, drafted transaction documentation, represented Change Ventures in negotiations, conducted legal due diligence and advised on other transaction-related matters. COBALT team was comprised of Partner Akvilė Bosaitė and Associate Viktorija Melnik.

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