Brazil-based test prep startup and 500 Startups pick Rota dos Concursos has announced a new investment round. Monashees Capital, Gera Venture Capital and 500 Startups participated, as did a group of angel investors, including Buscapé co-founder Mário Letelier.
Rota dos Concursos is an online test preparation company focused on Brazil’s civil service exam. Its platform features an extensive database of test questions that can be accessed by test takers for just R$12.90 a month (about six U.S. dollars). Users are able to monitor their performance and identify areas for improvement. The Rota do Concursos team is currently working on a customization tool to provide students with personalized recommendations as to what to study, how and when.
The company will use this latest investment round to hire new talent and accelerate its growth. Hélio Guilherme Silva, Founder and President of Rota do Concursos, remarked:
This new investment confirms the credibility and potential of Rota dos Concursos. Our team is highly dynamic and knows first-hand the needs of people studying for the exam. All of the founding partners of Rota have taken the text before. Moreover, the company came out of the need of two of the founding partners to organize their study process, starting with the questions.
The online education market has been gaining popularity among Latin American investors for quite some time now, which is reflected here. Eric Acher, Founding Partner at Monashees Capital, gave mention to the firm’s belief in the sector as part of its reasoning in its investment:
Since our foundation, we’ve had a focus on education technology, which have the capacity to increase engagement and learning ability among users significantly. Rota dos Concursos fits perfectly into our vision.
Bruno Cani, Investment Analyst and Gera Venture Capital, echoed:
Rota caught our attention with its innovative footprint in a market lacking technology. They know the problems test-takers face and think up creative solutions to solve them. On top of that, we share the dream of revolutionizing education in Brazil.
But Brazil, it turns out, isn’t the only market on the Rota dos Concursos map. Later down the line, the company plans to expand into other countries in Latin America, its aim to become the top test prep platform in the region. And its potential market is a big one – worth an estimated US$2.5 billion.