George Burgess, a 23-year-old British entrepreneur that dropped out from Stanford University to focus on growing edtech startup Gojimo, has raised an additional £500,000 through crowdfunding for his edtech startup, sacrificing nine percent of his company in the process.
The crowdfunding campaign was due to end today but Burgess, founder and CEO of Gojimo, has extended it in a bid to capitalise on the demand seen for a stake in the company, whose app aims to help students prepare for exams by providing them with the resources they need.
Gojimo is available on iOS, Android and the web and offers over 50,000 free curriculum-specific quiz questions to over 300,000 monthly active users. Premium content from major educational publishers, such as McGraw-Hill Education and Oxford University Press, is also available as in-app purchases.
The money being raised through the campaign will go towards helping Gojimo expand into new markets, said Burgess, who wants Gojimo to be the number one exam prepreration brand in the world.
"We’re delighted that so many people share our vision for the future of exam preparation,” he said, adding that 20 percent of GCSE students used Gojimo this exam season.
Gojimo previously raised over $1 million (£630,000) in a seed round led by Index Ventures, which included participation by JamJar Investments (the innocent Drinks founders).
However, this is the first time Gojimo has turned to a crowdfunding platform in a bid to raise capital.
“As a company we pride ourselves in breaking with tradition and disrupting the norm,” said Burgess. “For that reason we were attracted to the idea of crowdfunding because it enables us to share our journey with as many people as we can. We chose to work with CrowdBnk because we trusted their team and strategy and liked the varied backgrounds of their investors.”
Unlike many other crowdfunding platforms, CrowdBnk has a tough assessment process ensuring that all business on its platform go through its rigorous CrowdBnk Bootcamp programme.