US educational company Chegg, which also provides textbooks but has a significant homework help business too, saw its value halve in a day after it acknowledged earlier this year that students were turning to ChatGPT instead of its products. “It’s an overwhelming positive for us because it gives new tools that allow us to do new things faster, to generate more content and create more experiences,” Mr Wright said. Mr Wright declined to provide any financials for the company, which has 150 staff, has sold 200,000 physical textbooks and worked with 1100 schools nationally. The company is also seeking an independent chair.ĭata from Crunchbase, a capital raising analysis site, puts Edrolo’s previous total fundraising at just $3.9 million and the major injection will have put pressure on growth to justify the investment. A third co-founder and former co-chief executive, Ben Sze, resigned earlier this year for personal and health reasons, but remained a director.ĭespite the technology downturn, specialist investors Blackbird Ventures and AirTree Ventures, along with super funds Aware Super, HESTA, NGS Super and Telstra Super, put $40 million into Edrolo last year at an undisclosed valuation.Ī study in contrasts: incoming chief executive David Wright. Mr Wright praised them and said the start-up was “not really a formal titles type company”. Mr Anderson and Mr Cox, who began looking for a new chief executive about a year ago, will remain with Edrolo for at least the immediate future in positions that are to be determined. It’s got to a point where it wants to grow more and it thinks it needs to bring in some new talent and I have some other skills that can add to the current team.” “It’s completely not the case,” said Mr Wright, who starts on Monday and is also joining Edrolo’s board. Incoming chief executive David Wright, a 30-year education industry veteran, denied the decision by founders Duncan Anderson and Jeremy Cox to step down as co-chief executives reflected any issues at the company. It is rare for start-up founders to stop running a business without selling it, but Edrolo has been operating for a decade and the technology sector has become tougher over the past 18 months as capital has dried up.Įdrolo, which makes textbooks and online course guides for high school students, also faces the challenge of AI tools that can generate low-cost education aids.Įdrolo co-founders Jeremy Cox, Ben Sze, and Duncan Anderson are no longer leading the company after ten years. All rights reserved.The educational materials start-up Edrolo, which four superannuation funds backed just last year as part of a $40 million investment round, has swapped its founders for a professional chief executive to better navigate the threats of artificial intelligence and a leaner venture-capital climate. Other trademarks are property of their respective owners. EquityZen and logo are trademarks of EquityZen Inc. By accessing this site and any pages thereof, you agree to be bound by our Terms of Use. Check the background of this firm on FINRA’s BrokerCheck.Į is a website operated by EquityZen Inc. EquityZen Securities is a broker/dealer registered with the Securities Exchange Commission and is a FINRA/ SIPC member firm.Įquity securities are offered through EquityZen Securities. See our Risk Factors for a more detailed explanation of the risks involved by investing through EquityZen’s platform.ĮquityZen Securities LLC (“EquityZen Securities”) is a subsidiary of EquityZen Inc. Investors must be able to afford the loss of their entire investment. Investing in private companies may be considered highly speculative and involves a high degree of risk, including the risk of substantial loss of investment. Investment opportunities posted on this website are "private placements" of securities that are not publicly traded, are subject to holding period requirements, and are intended for investors who do not need a liquid investment.
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