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Singapore-based EdTech startup Cialfo has announced it has secured a further $20 million in funding as part of a Series B extension, led by a US-based investment firm Tiger Global. The news follows January’s announcement of a $40 million round co-led by global investment firm Square Peg and SEEK Investments, taking the round size to $60 Mn.
This brings the total raised to date to $77 million, including the initial $15 million in Series A funding in February 2021. This latest funding will help the company to achieve this mission by increasing its investment in strategic markets like India, including special scholarships for students.
A $20 million target was initially set for the Series B round, and the team managed to triple this figure as demand for international student mobility and virtual college recruitment soared during the pandemic.
Commenting on the company’s Series B funding round, Rohan Pasari, Co-Founder & CEO of Cialfo said, “We are very excited to receive continued backing from the global investor community and we are grateful to Tiger Global for extending our Series B to $60m. Our full focus remains on evolving in a way that positively impacts our students, schools, and ultimately, society, with speed and at scale. This funding will help us to do just that.”
“It naturally also will allow us to invest in continuous product development so we can deliver even more personalized and practical support to our community of students, counselors and universities. Importantly, growing our operations in critical markets, and expanding our 360 offerings to include scholarships, are among the ways we plan to capitalize on this infusion of capital and give more back in return,” Pasari added.