Edtech startup Yellowdig raises $1 million - Technical.ly Philly

Business

Jul. 18, 2016 1:25 pm

Edtech startup Yellowdig raises $1 million

As part of the deal, SRI Capital's Sashi Reddi will join Yellowdig's board of directors.

Shaunak Roy, Yellowdig CEO.

(Photo by Juliana Reyes)

Sashi Reddi of SRI Capital and Yellowdig founder Shaunak Roy had lunch in Center City one day.

A month after they first shook hands, a deal was made: SRI Capital was investing a cool $1 million in Roy’s company.

Today, after all the details have been ironed out, the Center City-based edtech company announced the closing of that funding round, which is geared at kicking off a year of growth for the company. Yellowdig was founded in 2014 as something like a “Reddit for the classroom.”

As part of the deal, Reddi will join Yellowdig’s board of directors, bringing with him his knowledge of SaaS enterprises.

“The funds will be used to accelerate platform development and sales & marketing efforts, as we expect rapid growth over the next 12 months,” Roy said in a statement.

By the end of the year, the company expects to take its current full-time staff in the U.S. from four to eight. Growth in Yellowdig’s offshore team in Pune, India, is also expected.

“Building an edtech SaaS platform requires patience, as the growth trajectory is very different from consumer tech,” Roy said. “Our core team has been working very hard over the past few years to solidly establish the product in the marketplace and build a scalable go-to-market strategy.”

Some 35,000 students across campuses like Northwestern University, Arizona State University, the University of Pennsylvania and the University of Florida use Yellowdig as a social learning platform.

Companies: Yellowdig
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

How Macquarie blends tech-fueled financial services with global opportunity

With backing from Capital One, this startup is working on an edtech platform for refugees

AT&T’s Aspire Accelerator is looking for disruptive edtech orgs

SPONSORED

Philly

How Macquarie blends tech-fueled financial services with global opportunity

Philadelphia, Pa

Inspire

Event Sales Ambassador

Apply Now
Philadelphia, PA

PromptWorks

Director of Product Design

Apply Now
Philadelphia

Perpay

UX Designer

Apply Now

Medtech startup Proscia raises $8.3 million for hiring push

Virion Therapeutics raises $4M to continue work on cancer, viral infection treatments

Backed by $5M Series A, Conshy-based logistics company plans big hiring push

SPONSORED

Philly

This apprenticeship program is opening the door for candidates with nontraditional backgrounds

Horsham, PA

Penn Mutual

Software Engineer-Java

Apply Now
Philadelphia

Guru Technologies

Senior Front End Engineer

Apply Now
Center City

Inspire

Product Manager – Sales Tools

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!