Jolt, the Israel based ed-tech startup has secured $14.1 million in its Series A round funding led by Balderton Capital. The financing also saw participation from Hillsven Capital and Octopus Ventures. Before this round, Octopus Ventures had led a $7.2 million seed financing for Jolt in October 2018. PICO Venture Partners, UpWest, Tank Hill Ventures, Hillsven Capital, and Gil Hirsch are the other backers of the firm.
Jolt was founded in 2015 by Lior Frenkel, Nadav Leshem, Nitzan Cohen Arazi, and Roei Deutsch as a platform that can help students and professionals learn from world-class instructors through short and effective learning session as per their availability.
CEO Roei Deutsch talking about the education segment for higher education said, “Higher education is in a bubble in which a staggering $2.3 trillion is invested every year in something that works for a small minority of people. Data shows more than three-quarters of graduates believe many higher education programs are no longer fit for purpose; trust and confidence in academia have nosedived in recent years, and the number of applications for MBA courses across most major establishments has fallen.”.
Balderton Capital partner James Wise commenting on the financing said, “There is a rapidly increasing demand from both employees and employers for more adaptive forms of professional education. Jolt combines a powerful tech platform with a deep understanding of how people really learn to fulfil this demand, giving the learner complete control over, when, what and with whom they study. We believe Jolt has the potential to help tens of millions of students, who couldn’t otherwise afford the time or cost of a traditional business school, to gain new skills and meet new people.”
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