Yellowdig secures six-figure funding round to open NYC edtech office - Technical.ly Philly

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Sep. 22, 2016 7:51 am

Yellowdig secures six-figure funding round to open NYC edtech office

The exact figure was not released, but founder Shaunak Roy confirmed the raise was in the $500,000 range. The dough will go toward setting up a New York office and boosting business development.

Shaunak Roy, Yellowdig CEO.

(Photo by Juliana Reyes)

Center City-based edtech company Yellowdig just announced a six-figure raise from two New York City venture funds: QB1 Ventures and Rosecliff Ventures.

Although the exact figure wasn’t disclosed, founder Shaunak Roy told Technical.ly the investment was in the $500,000 range.

So what does this mean for Yellowdig? It seems like just a minute ago that the company raised another sizable amount of cash and added OG SaaS exec and investor Sashi Reddi to its board of directors.

According to Roy, the extra moolah comes at a time when the company’s business model is proving its worth.

“Yellowdig is rapidly signing long-term contracts with many top US universities and has a very healthy sales pipeline,” Roy said in a company press release. “This additional investment from QB1 and Rosecliff will be used to accelerate business development and to further build out our technology platform.”

The company is also putting the resources toward a New York City office, and has added Akiba Covitz to its senior management team, as Head of Business Development.

Covitz is a former Harvard Law School faculty with ties to edtech by way of edX, an online learning company, and Academic Partnerships, an online program management provider.

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Here’s a video recently published by Northwestern University of Yellowdig at work.

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Roberto Torres

Roberto Torres became Technical.ly Lead Philly Reporter in May 2016. Prior, he was a freelance contributor to Technical.ly and Al Dia News. The native Venezuelan moved to Philadelphia in 2015 after reporting on research at his alma mater, the University of Zulia. Whenever he's not fencing deadlines, he can be found standing in line at Overbrook Pizza in West Philly, running Netflix/Hulu marathons with his wife or reading news from Venezuela.

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