Giant Ventures
Auto Added by WPeMatico
Financing for students startup StudentFinance raises $5.3M seed from Giant and Armilar
Fintech startup StudentFinance — which allows educational institutions to offer success-based financing for students — has raised a $5.3 million (€4.5 million) seed round co-led by Giant Ventures and Armilar Venture Partners. It’s now raised $6.6 million total, to date.
StudentFinance launched in Spain first, followed by Germany and Finland, with the U.K. planned this year. Existing investors Mustard Seed Maze and Seedcamp, along with Sabadell Venture Capital, also participated.
The startup, which launched at the beginning of 2020, provides the tech back end for institutions to offer flexible payment plans in the form of ISAs (income-share agreements). It also provides data intelligence on the employment market to predict job demand.
It now has 35 education providers signed up, managing over €5 million worth of ISAs. It also works with upskilling platforms including Ironhack and Le Wagon. StudentFinance’s competitors include (in the USA) Blair, Leif, Vemo Education, Chancen (Germany-based) and EdAid (U.K.-based).
As for why StudentFinance stands out from those companies, Mariano Kostelec, co-founder and CEO of StudentFinance, said: “StudentFinance is the only platform in this space providing the full end-to-end, cross-border infrastructure to deliver ISAs for students whilst helping to plug the growing skills gap. Not only do we provide the infrastructure to support the ISA financing model, but we also provide data intelligence on the employment market and a career-as-a-service platform that focuses on placing students in the right job. We are creating an equilibrium between supply and demand.”
With an ISA, students only start paying back tuition once they are employed and earning above a minimum income threshold, with payments structured as a percentage of their earnings. This makes it a “success-based model”, says StudentFinance, which shifts the risk away from the students. They are likely to be popular as workers need to reskill with the onset of digitization and the pandemic’s effects.
The startup was founded in 2019 by Kostelec, Marta Palmeiro, Sergio Pereira and Miguel Santo Amaro. Kostelec and Santo Amaro previously built Uniplaces, which raised $30 million as a student housing platform in Europe.
Cameron Mclain, managing partner of Giant Ventures, commented: “What StudentFinance has built empowers any educational institution to offer ISAs as an alternative to upfront tuition or student loans, broadening access to education and opportunity.”
Duarte Mineiro, partner at Armilar Venture Partners, commented: “StudentFinance is a great opportunity to invest in because aside from its very compelling core purpose, this is a sound business where its economics are backed by a solid proprietary software technology.”
Sia Houchangnia, partner at Seedcamp, commented: “The need for reskilling the workforce has never been as acute as it is today and we believe StudentFinance has an important role to play in tackling this societal challenge.”
Angel backers include investors, which includes: Victoria van Lennep (founder of Lendable); Martin Villig (founder of Bolt); Ed Vaizey (the U.K.’s longest-serving Culture & Digital Economy Minister); Firestartr (U.K.-based early-stage VC); Serge Chiaramonte (U.K. fintech investor); and more.
Powered by WPeMatico
Air quality monitoring service Airly raises $2 million as fires, pollution force consumers to take note
As smoke from fires chokes the skies in the western U.S. and pollution chokes much of the world, air quality has become yet another issue for civilization to address.
Industrialization and natural disasters wrought by climate change are spewing more toxic matter into the air, and governments around the world are racing to monitor what the combination of catastrophes and economic growth could mean for their citizens.
The ability to get an accurate measurement of the air quality in their home city of Krakow, Poland is what drove the team of engineers that launched Airly to start their business.
Founded by three engineering students, Michal Misiek, Wiktor Warchalowski and Aleksander Konior, the company combines sensing technologies and software to measure particulate matter and emissions like NOx, SOx, methane and carbon monoxide in the air.
“We are using software and calibration algorithms to provide the best data,” said Warchalowski, who serves as the company’s chief executive officer. The company is more than just collecting air quality. The three engineers have also developed an algorithm that they say can accurately predict air quality for up to 24 hours based on the data they gather.
The current market for air quality assessment tools stands at roughly $4 billion today and will reach $6.5 billion by 2025. Already, Airly’s technology is being used by around 400 cities across Europe and Asia by several universities and corporations, including Philips, PwC, Motorola, Aviva, Veolia and Skanska. The company has also released an API so media, technology and finance companies can access live air quality data. There’s also an app for consumers who want to get a sense of the air out there.
Airparif, the French-based air quality assessment organization, awarded the company an honor for being the most accurate air quality device it had seen.
The company initially started because Warchalowski and his friends were training for a marathon and wanted to see when would be the best time to run so they wouldn’t be exposed to pollution. “When I wanted to run at 5PM and the data was from 2PM it was not up to date,” he said.
More than 2 million people are now using the company’s app. “There are more people like me that need that data,” Warchalowski said.
Airly makes money by selling its device, which is roughly the size of an iPhone, to consumers and communities, and by charging for access to its API. The device costs $300 and API access starts at $1,000, according to Warchalowski.
With revenue in hand and the imprimatur of leading air quality monitoring organizations, its little wonder that Airly was able to attract venture backing from Sir Richard Branson’s and Sir Ronald Cohen’s families; Pipedrive co-founder Martin Tajur; Cherry Ventures partner and former Spotify CMO Sophia Bendz; former Gojek CMO Piotr Jakubowski; and Henkel board member Konstantin von Unger, in a $2 million round led by the newly formed investment firm Giant Ventures .
“By building the leading source of air quality data globally, Airly is creating enormous social and economic value,” said Cameron McLain, a managing partner and co-founder of Giant Ventures.
Powered by WPeMatico