Romanian education technology company Adservio secures €2 million funding
BUCHAREST, Romania, May 11 (SeeNews) – Romanian educational technology company Adservio has secured €2 million ($2.1 million) in funding from venture capital firm Catalyst Romania, the society.
The investment will support expansion into local and international markets, help secure more customers and partners, and enable the development of new features, Catalyst Romania said in a press release.
“This round of funding helps us take the next step in growing our business: going overseas,” said Adservio founder Alexandru Holicov.
The company aims to recruit new people this year, Holicov added.
Founded in 2008, Adservio is a SaaS company that develops a digital platform for the education sector. The platform is currently used by more than 1,000 schools. Its adoption was accelerated by the closure of schools during the pandemic, reaching a total of more than 750,000 monthly active users. The company currently employs 40 people.
According to data held by the Ministry of Finance, Adservio recorded net profits of 2.66 million lei ($567,000/538,000 euros) in 2021, as well as a turnover of 4.49 million lei. .
Catalyst Romania is a Romanian venture capital firm, a subsidiary of 3TS Capital Partners, which currently invests from its second generation fund, Catalyst Romania Fund II, which is backed by the European Investment Fund (EIF). The company primarily targets high-growth sectors, such as technology and internet, media and communications, or technology services.
Catalyst Romania announced in February that its second generation fund had reached its cap of 50 million euros.
Catalyst Romania has already invested in companies such as Vola.ro, Elefant.ro and SmartBill.
(1 euro = 4.9479 Romanian lei)