AllRight online school raised $1 million

18.04.2023 0 By NS.Writer

The AllRight online school has raised $1 million, Forbes reports. Editorial office of AIN.UA tells details of the agreement.

Illustrative photo

AllRight is an online English language school that combines products for children and adults.
Funding in the amount of $1 million was successfully attracted from 11 private investors. The names of all are not disclosed, but it is known that among them is the founder of Depositphotos, Dmytro Sergeev, as well as the former head of Kyivstar Petro Chernyshov, who has been engaged in angel investments for the past few years. All investors provided approximately the same amounts.
The money was raised in the form of a convertible loan.
The founder of AllRight Oleg Oksyuk also said that a year ago the company was preparing to attract a strategic investor, but due to the beginning of a full-scale invasion, it was not possible to complete the deal.

Previously, the AllRight company had already attracted two rounds of financing, which AIN.UA wrote about earlier. The first round of funding for $1,5 million was raised in 2019. The company received the second one for $5 million in 2020. Thus, the total number of investments exceeds $7,5 million.

In August 2021, AllRight entered into a deal to acquire another major English learning project, EnglishDom. This school is responsible for teaching English to adults, while AllRight continues to focus on children.

According to Oksyuk, the full-scale invasion affected the valuation of the business: it halved and can be about $30 million. The war also painfully affected the company: AllRight left the Russian market, where it had a significant number of users.

Attracting investment is necessary to continue operations, as the company is operating at the break-even point.

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