Peruvian education startup uDocz closed a $2 million seed-round. The funding comes after the startup’s participation in April at the ASU + Global Silicon Valley (GSV) Summit, where they were ranked among the 20 most innovative edtechs in the world in 2022.
The round was led by GSV Ventures, organizer of the event and previous funder of companies like Coursera, Masterclass and Domestika. This is GSV’s first investment in Latin America. The round was also led by Salkantay VC, a regional VC fund based in Peru.
The rest of the round was completed by Brazilian fund Latitud, the founders of Crehana, some Facebook executives and other Latin American angel investors.
uDocz is a platform where university students can share educational resources and, through technology, process and validate more than 20,000 documents per month. The edtech’s revenue has grown twenty-fold since the pandemic began and is currently expanding 20% every month, according to Carlos Effio, CEO and co-founder (along with Ricardo Garcia).
“Currently, we serve 1.5 million students per month and the idea is to grow to 7 or 8 million by 2024. For that reason, we want to increase our presence, especially in Mexico. In terms of this year’s goals, we hope to end up with 2.8 or 3 million students per month, in other words, double the number of users we have now.”Effio told Forbes Peru.
To achieve this strong growth, uDocz wants to increase its presence in Mexico, the country where most of the platform’s students come from. For this reason, Effio points out that part of the startup’s team will move to the North American country to consolidate its physical presence in the market.