BUCHAREST (Romania), May 11 (SeeNews) - Romanian education technology company Adservio secured 2 million euro ($2.1 million) in funding from venture capital firm Catalyst Romania, the company announced on Wednesday.
The investment will support the expansion on the local and international markets, help secure more clients and partners and will enable the development of new features, Catalyst Romania said in a press release.
"This round of financing helps us in taking the next step to scale up our business: going abroad," Adservio founder Alexandru Holicov said.
The company aims to make new hires this year, Holicov added.
Founded in 2008, Adservio is a SaaS company which develops a digital platform for the education environment. The platform is currently used by over 1,000 schools. Its adoption was accelerated by the closure of schools over the pandemic, reaching a total of over 750,000 monthly active users. The company currently employs 40 staff.
According to data held by the finance ministry, Adservio recorded net profits of 2.66 million lei ($567,000/ 538,000 euro) in 2021, as well as a turnover of 4.49 million lei.
Catalyst Romania is a Romanian venture capital firm, an affiliate of 3TS Capital Partners, currently investing from its second-generation fund, Catalyst Romania Fund II, which is backed by the European Investment Fund (EIF). The company primarily targets high-growth sectors, such as technology and Internet, media and communications, or tech-enabled services.
Catalyst Romania announced in February that its second-generation fund has reached its hard cap of 50 million euro.
Catalyst Romania has previously invested in companies such as Vola.ro, Elefant.ro and SmartBill.
(1 euro = 4.9479 Romanian lei)