Peruvian education technology startup uDocz has raised $2 million in a seed funding round led by GSV Ventures and Salkantay VC, a regional VC fund based in Peru.
This is GSV’s first investment in Latin America. Other investors that participated in the round include Brazilian fund Latitud, the founders of Crehana, some Facebook executives, and other Latin American angel investors.
The funding comes after the startup’s participation in April at the ASU + Global Silicon Valley (GSV) Summit organized by GSV Ventures, where they were ranked among the 20 most innovative EdTechs in the world in 2022.
uDocz claims to be the largest study community in Latin America. Its mission is to help students achieve success in their studies by providing them with all the necessary study tools. The platform connects students and professionals with all the educational content they need. Users will find lecture notes, presentations, study guides, and books created by students, teachers, and expert partners on uDocz’s platform.
Curently, uDocz has more than 100,000 students and professionals on its platform, and through technology, it processes and validates more than 20,000 documents per month.
Commenting on the plans of the company in near future, Carlos Effio, Co-founder and CEO of uDocz, said,
“Currently, we serve 1.5 million students per month and the idea is to grow to 7 or 8 million by 2024. For that reason, we want to increase our presence, especially in Mexico. In terms of this year’s goals, we hope to end up with 2.8 or 3 million students per month, in other words, double the number of users we have now.”
To achieve this strong growth, uDocz plans to increase its presence in Mexico, the country where most of its students come from. For this reason, the CEO said part of its team will move to the North American country to consolidate its physical presence in the market.
According to Carlos, the company’s revenue has grown twenty-fold since the pandemic began and is currently expanding 20% every month.