Education startup Leap has closed a $55 million Series C funding round to expand its study abroad platform.
The funding round was led by Owl Ventures and also saw participation from Harvard Management Company, Jungle Ventures, and Sequoia Capital India. Less than 6 months ago, Leap was closing a $17 million Series B. Now, the startup has raised a total of $75 million in funding, which has boosted its growth and international presence. Amit Patel, Managing Director at Owl Ventures, referred to the firm’s participation by stating:
“Leap is on the trajectory to become the preeminent study abroad platform for students. The overseas education market is fragmented where there is no single one-stop solution. It can be very confusing for students to know where to begin preparation, what colleges they should target, and how they are going to afford to pay for their education. Leap is creating a comprehensive platform that addresses all of the needs of students. Owl Ventures is excited to deepen our partnership with Vaibhav, Arnav, and the Leap team to make studying abroad a reality for as many students as possible.”
The startup aims to allow its community of over 1 million students to pursue international higher education, with more than 60 thousand students already using its services to study abroad. The support provided by the startup goes from test preparation, admission counseling, student loans, currency remittance, and more. Vaibhav Singh, Leap’s co-founder, said about this:
“We have seen an unprecedented demand from students to move abroad this year as international borders open post-Covid. Our community-led approach coupled with a comprehensive product suite for all international student needs is truly differentiated. Not surprisingly we have seen explosive growth. We expect million-plus students from the region to move abroad in the next 12 months. This raise positions us perfectly to capture a lion’s share of that demand. We are excited to continue to have the backing of marquee global investors who are aligned on our mission to democratize access to global education.”
The education startup will use the new funding to boost growth across several dimensions, increasing its range to new regions both in terms of applicant eligibility and destinations. As countries continue to open their borders as Covid19 vaccination efforts advance, interest in international education has continued to grow.