Seville, February 24th, 2021 –Wuolah, the leading EdTech study platform for Spanish speakers, with 2.5 million registered students, 500,000 active users per month, and more than 5 million documents uploaded, has closed a 5.6 million dollars investment round led by Seaya Ventures. This will allow Wuolah to consolidate itself as the leading platform for study material in Spanish.
Wuolah is reinventing traditional education by helping millions of students study and learn better, thanks to their classmates’ course notes and materials. According to Jaime Quintero, co-founder and CEO of the company: “We want to transform the educational model that, unfortunately, is based on memorization and slows down the development of too many countries, professionals and citizens. We have started with study notes, but the Wuolah of the future will also have video courses, streaming classes… We see ourselves as the Twitch of education.”
The company, founded in Seville by Quintero together with Enrique Ruiz, Javier Ruiz, and Francisco José Martínez Benítez while they were still students, has achieved its status as the default solution for students only by word of mouth within the college community, surpassing global platforms with much stronger financial muscle.
The Wuolah team highlights an urgent problem that needs to be solved through innovation. According to Quintero: “Spain is the country in the European Union with the earliest school dropout rate, the highest youth unemployment, and the highest job insecurity. Wuolah is part of the solution. We have started with Spain, and we are very excited about everything we can do to help more than 50 million students with our opening throughout Latin America.”
Quintero points out a difference between two categories in the EdTech field: “Most startups currently focus on creating educational content that complements your work profile. Wuolah, on the other hand, focuses on obtaining the core knowledge of your education, which will define your entire professional life.”
Wuolah is EdTech + Creator Economy
The greatest difference between Wuolah and the rest of the educational platforms globally is that the Spanish company, in addition to being a repository of notes, is a highly segmented social network in which content creators can generate income, allowing them to develop their passion for teaching. According to the company, there are students in Spain who are able to pay for their entire degree by creating and uploading their materials. On Wuolah any brilliant student can teach their classmates by creating their own community of followers, and soon of subscribers, just like any other large social platforms.
Enrique Ruiz, co-founder and Chief Financial Officer, states that Wuolah is changing the paradigm of 2,000 years of history of one teacher teaching many. He defends that collective knowledge is the key to building the universities of the future.
The funds raised from the round, that also has had participation from Alter Capital, the educational group Proeduca, and prominent figures from the EdTech sector and the creation of communities in Spanish, will be dedicated «to continuing to strengthen the product so that it empowers students even more”, affirms Ruiz.
Pablo Pedrejón, Partner at Seaya Ventures, highlights that “Wuolah is reinventing secondary and university education like no other platform on the market. The extraordinary engagement generated by the current platform among students is just the starting point to continue developing products that transform learning throughout the Spanish-speaking world.”
Wuolah launched to reinvent traditional education, starting off by helping students get better grades and at the same time get rewarded by it. Through a highly segmented social network content uploaders can generate income, allowing them to develop their passion for teaching. This high segmentation creates an appreciative community, and a greater chance for students to reach academic success.
About Seaya Ventures
Seaya Ventures is a leading European & Latin-American Venture Capital firm based in Spain, investing in value-driven founders who are building global technology companies with a sustainable approach.
Since raising its first fund in 2013, Seaya manages €350M across three early-stage funds. Seaya Ventures accelerates startup growth by working with the founders to enhance their strategic vision, putting at their disposal its global platform, its strong network of founders, investors and corporates, as well as Seaya’s experience in scaling leading companies such as Glovo, Cabify, Wallbox (NYSE:WBX), Spotahome, Clarity AI, Clicars and Savana.
Alter Capital is the only private equity fund manager based in Andalusia. It is a niche manager of the national small market with various investment strategies for tickets between 1 and 5 M euros. He is currently studying investment opportunities in Andalusian SMEs with growth plans for the Alter Cap Andalucía Public-Private Collaboration Fund that has recently invested in Kampaoh and Wuolah. On December 21, it was awarded the last Fond ICO call in its Venture Capital category, which will make Alter Capital sixth fund, with a first closing of 33 M euros aimed at national companies less than 5 years old. It also manages an SCR for a Family office, providing liquidity solutions (cash out) to national entrepreneurs, with investment tickets between 1 and 4 M euros. In its historical portfolio still are Dental Company and the MAB listed Clever Global. For more info please visit, www.altercapital.es