Everest Edusys, a venture focused on experiential science education for children, has raised ‘Series A’ funding of ₹5.7 crore led by venture capital firm Lok Capital. The Chennai Angels, a group of entrepreneurs who came together to form a fund, is also a participating investor in this round.
‘Series A’ funding is the first round of financing for a new business venture after seed capital and is generally offered to external investors.
The funds will be utilised to set up science laboratories in schools across Tamil Nadu, Karnataka and Kerala, and bolster research and development of science educational tools. It will also support Everest Edusys’ endeavour to take science to the poorer sections by setting up science exhibit centres, the company said in a statement.
At present, more than 20,000 children in over 100 schools, including 20 Government schools, enjoy the benefits of active science education, it said.
“We believe that we can make a significant change in the way science is taught and learnt in the country. We are seeing the initial results across our 300 schools, where children are already acquiring higher order thinking skills in line with global standards,” said Krishna Srinivasan, Founder at Everest Edusys.
“The investment will fuel our reach into newer towns and cities, as well as enable us to provide access to science laboratories to all children, irrespective of their families’ income levels. This strategic partnership with Lok Capital and The Chennai Angels brings the mature expertise of a social venture fund and the rich local wisdom of successful entrepreneurs and investors at a very critical juncture in our growth,” Srinivasan added.