ORIGO, an Australian edtech company that has been breaking ground in the US market, has raised $11.2 million from Blue Sky Funds to expand its footprint in America.
The company creates K-5 math instructional materials and provides solutions tailored to local curricula through a cloud-based learning management system. Its core product, Stepping Stones, is being used by 500,000 students in more than 100 districts across the US, including California and Texas.
Origo was launched back in 1997 by two Australian educators, James Burnett and Calvin Irons. In 2010, the company crossed the Pacific Ocean and started operations in St Charles, MO to boost its US presence. It seems to be working: The company claims revenues in 2014 jumped 400% over the previous year. Also in 2014, US sales were responsible for 80 percent of the company's revenue.
According to Blue Sky Funds, also based in Australia, the investment will be used to acquire a 27.1 percent share in Origo through a combination of share purchases and expansion capital. Half of the $11.2 million injection in the company is being used to buy shares from Burnett and Irons. The other half will be applied to increase its sales force to leverage the good traction in the U.S. market and to expand globally.
