The cash injection will allow the company to maintain and consolidate the position it holds in the international education sector, it said.
“This latest round of funding is a strong vote of confidence from our investors and a testament to Adventus’ growth trajectory and potential,” Victor Rajeevan, Adventus.io CEO & co-founder, said in a statement.
“Despite launching in the midst of a pandemic, we’ve expanded our team across 15+ countries, and witnessed remarkable year-on-year growth, and this year is no different.
“The funds will be used to accelerate our technology capabilities (including investments in automation and AI) and deepen our relationship with our partner institutions and recruiters, to ensure we continue to place high-quality students in sought after institutions,” he added.
The Software-as-a-Service platform initially launched in 2020 with a $12 million backing in series A funding, before adding $11m in investment a year later.
Since its establishment, Adventus.io has invested in a real-time data platform, acquired ratings publisher Good Education Media Press and on-boarded cricketing legend Ricky Ponting as brand ambassador.
The company’s admissions and compliance servicing arm, Adventus Professional Services, which London Metropolitan University has signed up for, is said to have been an important addition to the Adventus.io portfolio.
Former CEO Ryan Trainor stepped back from the company earlier this year, and has shared a powerful story of the impact that running the start up has had on his health.
With the latest investment, Adventus.io has made strategic appointments to its team. Peter Backwell, with experience at Altus Group and Australasian Retail Projects as well as accounting firms such as Deloitte and KPMG, is stepping in to the role of chief financial officer.
“This year we’re doubling down on quality and efficiency”
Simon Rosenberg, with over 17 years of broad commercial experience as a senior executive at SEEK, has joined at chief operating officer, while former deputy director/head of international recruitment at Cardiff University, Siobhan Robinson, has recently been appointed partnership director for UK and Europe.
“We have achieved our global enrolment targets for Q1 and continue to grow our revenue while managing our costs effectively, and we have doubled student enrollments in Q1’23 vs Q1’22. It is therefore an exciting time to be joining, as traction with recruiters and global institutions continues to ramp up,” Rosenberg said.
“This year we’re doubling down on quality and efficiency to ensure the right students make it to the right institutions.”
Adventus.io currently works with over 1,600 education institutions and 8,000 recruiter partners globally. It is on track to process 60,000 students this year.
Aggregator platforms may find an uphill battle however as stakeholders, especially in Canada and Australia, are piling pressure on their respective governments to regulate the education agent sector.