New Zealand: Crimson Education raises $10m
Auckland-headquartered online schooling provider Crimson Education has raised US$10 million in a round led by Australia-based global growth and follow-on fund Heal Partners.
Previous Crimson investors Sir John Key, Icehouse Ventures, US News, and K1W1 also increased their position in the company.
Crimson operates Crimson Global Academy, a private online high school delivering live, real-time teaching to students in their homes.
Crimson Education’s co-founder and chief executive Jamie Beaton said: “This funding round and the investment by Heal is an important milestone for Crimson and Crimson Global Academy. Traditional high schools underserve our brightest and most ambitious students. We are seeing students across the world embrace Crimson Global Academy as the progressive schooling option they have been waiting for to harness their full potential. At Crimson, we champion ambition within our students. Today’s fundraising is further validation of the focused work of our awesome education team in building the education system for the 22nd century.”
Heal partner Martin Dalgleish commented: “We were very pleased to invest in Crimson and support its ambition in becoming the clear global leader in the delivery of K12 Education online through Crimson Global Academy. The impact of Covid in 2020 was an immediate tailwind in the delivery of education via digital platforms. We believe that a hybrid model of in-person combined with digital delivery is the future of education. The opportunity to disrupt the global K12 education sector is substantial, and Crimson has already demonstrated the ability to scale the college consulting business globally. Its early traction in the online high school education delivery is impressive and we believe it will build materially. It will also leverage its leadership position in college consulting to become the pre-eminent disruptor in the education market in pre-college education.”
Robbie Paul, chief executive of Icehouse Ventures and Crimson investor, added: “The most iconic start-ups often share two foundational features: one, teams with unique perspectives on the industries they are seeking to disrupt and two, market timing that enables the teams to catalyse significant change. We continue to invest because Crimson exhibits both of these in droves. Their magic is that they are simultaneously holding education in the highest regard and demonstrating that technology can transform how it is delivered.”
Crimson’s previous fundraising round was a Series C in October 2019, when it raised $20 million at a $240 million pre-money valuation. (The final, post-money valuation was $260 million.) Crimson’s investors include Tiger Global, Chase Coleman, Julian Robertson and HighSage Ventures.