Crimson Education, a platform to help students get into top universities, nabs $5M at a $245M valuation
Earlier this year, the world turned very sour on a group of rich and famous parents who were exposed for having paid big money to get their not-so-academic offspring into competitive universities, using tactics like cheating on tests and more to get those offers. But even if you put illegal manoeuvres to one side, money and power have (frustratingly) long played roles in gaming the system to access higher learning.
Now, a startup that’s created an alternative route for those who are smart and willing to put in the work to get into those hallowed halls has raised some funding as it continues to grow. New Zealand’s Crimson Education, which has built a tech platform and consulting service to help students identify top schools and what they need to do in terms of academic and other activity to get in, has closed a $5 million round of funding. With this latest investment, the company is now valued at $245 million post-money, a big jump on the $160 million (NZ$220 million) valuation Crimson had in 2016 when Tiger Global invested $30 million.
This latest is a small but strategic round: the money is coming from Solborn Investment, the VC arm of the