The value of the desired investment is over EUR1 million and Ascendia will use received funds to promote Livresq on foreign markets.
“We believe that Ascendia is in a very important moment now. Digital education, eLearning, both for large companies and for mass, public education, has become of strategic interest globally. We are confident that in a short time we will find one or more investors according to the profiles desired by the company,” said Florin Vasilica, Strategies and Transactions Partner, EY Romania.
Livresq is a platform for creating interactive digital educational content. It can be used without programming knowledge, and the resulting packages comply with international eLearning standards.
Since its launch, in less than a year, it has established itself as an effective tool for both the corporate area and mainstream education. It has the largest library of educational resources created by teachers in Romania and the Republic of Moldova, with over 2,400 digital lessons, of which 1,200 are public.
Since the beginning of the pandemic, over 6,000 teachers have received training to use Livresq, the company organizing numerous public webinars, free, but also paid online courses.
“EdTech companies enjoy a great interest from investors, education being one of the most important areas for the future. Ascendia has been developing educational software for 13 years, and Livresq is the most important tool created by the company, being adopted in about 5 months since the beginning of the pandemic, by teachers from over 4,000 educational institutions in Romania and the Republic of Moldova, the markets we addressed for starters. With such a good response, we decided to actively seek one or more investors to promote Livresq locally and internationally,” said Cosmin Malureanu, CEO of Ascendia.
Ascendia is the first eLearning company in Romania listed on the Bucharest Stock Exchange and has over 13 years of experience in creating interactive educational content. The company is known for the CoffeeLMS learning platform and for the eLearning editor LIVRESQ.
In the first half of the year Ascendia reported a net loss RON380,750 compared with a loss of RON181,553 in the same period last year. Its revenues stood at RON1.4 million, down 27% on the year.