EdTech app Redmenta Receives EUR 140,000 Angel Investment
Co-founders Zoltán Visy (left, CEO) and Bálint Mérő (CTO)
Hungarian educational technology app Redmenta has received a EUR 140,000 investment from angel investors. Redmenta is looking to use the cash injection to scale domestic sales and get a foothold in the international market.
“It’s a good base for us that we already have 250,000 monthly active users on our system, and it’s not only popular in public education but also supports the training of employees in many places, from small businesses to the country’s largest employers to government,” says Zoltán Visy, co-founder and CEO of Redmenta.
“Our users are mainly from Hungary, but, so far, we’ve grown organically beyond our neighbors in Germany, France, and many other places from South America to Asia. We would like to accelerate this growth with this investment,” he explains.
Redmenta, an online worksheet app, was launched by two high school students, an educator who decided to change career paths and a communications professional back in 2013. Initially, the teachers used Redmenta mainly for accountability and practice. With the arrival of the COVID shutdowns, the focus on digital learning tools in Hungary grew. This momentum led the team to introduce new developments to create unique, higher cognitive skill-building solutions for education in Hungary. The project’s success is demonstrated by the fact that last year it won first place in the Vodafone Digital Awards.
“The only way to prepare today’s young people for the challenges of the future is to teach them to solve problems, think analytically, choose strategies, and develop their creativity and communication skills,” says Visy.
“The Redmenta worksheets are a great way for teachers to do all this without deviating from the expected curriculum. When evaluating the worksheets, we pay a lot of attention to the coaching approach to feedback, as this is the best way to develop the learner,” the CEO adds.
Big Name Investors
The lead investor in the equity investment is Péter Csillag, who recently sold his own company, Starschema, and became the president of the Hungarian Business Angel Association (HunBAN). He was joined by András Fülöp, the former Hungarian head of consultancy Deloitte; Szabolcs Szakacsits, founder and CTO of Tuxera; Máté Wohlmuth, CEO of Coding Sans; and Iván Gyurácz Németh, partner at Absolvo Consulting.
“This is my first investment in educational technology, and I’m happy to invest in such a strong team with such a strong market presence, a product validated by many users. We are confident that the capital, support, and mentoring provided by HunBAN members will be used effectively, achieving significant market success both at home and abroad,” Csillag says of his investment.
Bálint Mérő, co-founder and CTO of Redmenta, notes that “for the first time in Hungary, we used an internationally proven platform that makes syndicated investments (when several investors inject capital into the same company at the same time) significantly faster, cheaper, and simpler.”
The investment coincides with the arrival of Redmenta’s upgrades which aim to meet the needs of professional institutional and corporate environments, providing a system for new partners.
The company’s application is well suited for adult education or corporate in-house courses, from fire and safety programs to training contact center staff or keeping colleagues up to date.
Analysts predict the educational technology market will expand at a staggering rate over the next few years, with an 18% growth rate between 2022 and 2026, or USD 133.05 billion globally.
This article was first published in the Budapest Business Journal print issue of September 9, 2022.
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