The Swedish digital math platform, Magma Math, recently announced that they raised $5m together with several well-known Nordic angel investors. During the first half of 2022, the company has continued to grow quickly, doubling the number of district customers in Sweden, and closing deals with US schools and districts in eight states across the country. With the new capital, Magma Math is planning to accelerate its US business with the goal of establishing itself as one of the leading EdTech math companies in the US.
Mathematics continues to be the subject causing the biggest challenges to US K-12 students, with over one in four students regarded as low math achievers. The Swedish digital math platform Magma Math made its breakthrough during the pandemic. It enables teachers to follow student progressions in real-time, facilitate research-based instructional practices, and individualize student learning journeys. The company has quickly grown its market share from 5% to over 20% in Sweden, and a year ago the company also entered the US market.
The company has now closed a funding round of $5m. Among the investors are successful entrepreneurs and well-known angel and professional investors.
- We have many exciting initiatives in the pipeline and are privileged to have experienced investors with us who have made this journey before. We are doubling down on product development where we among other things are investigating how machine learning can be used to provide students and teachers with real-time feedback. We also see opportunities to expand to additional markets given the tremendous reception that we have experienced in the US. Currently, we need to be selective in which school districts we deepen our partnerships with, so the plan is to find talented and driven people to double our team size over the coming year, says Henrik Appert, CEO and founder at Magma Math
After the successful US launch - Magma Math opens New York office
Magma Math entered the US market roughly a year ago and is now planning to accelerate its US business. So far, the company has signed contracts with schools and districts in 8 states across the country and is now opening a New York office to expand its US team and continue scaling the business.
- We see massive interest in Magma Math in the US as the pedagogy we promote is very much in line with the development direction of math education in most of the country. Getting that first handful of customers was the biggest challenge when we started out in Sweden. Once that was achieved the development went really quick. Over the past year, we have established that initial customer base in the US, and we are confident that we will achieve the same rapid development that we have seen in Sweden also in the US, says Henrik Appert.