With the round led by I2BF Global Ventures, StudyFree has received a total of $3.6m in funding since its inception in 2018.
Seedstars and TMT Investments also supported the round, with PandaDoc CEO Mikita Mikado and Google’s ex-director of product Andrey Doronichev also participating.
The company said the funds will be used to attract new members to the community, expand into new markets, marketing, and platform development. Earlier in 2021, the platform expanded to five new markets. Its service is now available in the US, Europe, South Africa, Kenya, Nigeria, Brazil, and India.
“As someone who was born in a small town, and received three educations abroad, I understand more than anyone how important it is for everyone in the world to have this opportunity,” Dasha Kroshkina, CEO and founder of StudyFree said.
In three years, international students have already received a total of $10.3m in scholarships and grants through StudyFree, with the platform offering scholarships for more than 100,000 degree programs around the world.
The platform generates revenue through a subscription model and has “rejected” the use of personal consultants in favour of an independent community of students with study abroad experience who act as mentors.
“We aim to become lifelong partners for our clients, to help them build their lives regardless of financial constraints”
The approach means that applicants base decision on their own desires and aspirations rather than being influenced by advertising. StudyFree has a user base of 90,000 students, it added.
“As StudyFree grows, I see a community of incredibly talented and successful young people who will make discoveries and influence the global economy in the future,” Kroshkina added.
“We aim to become lifelong partners for our clients, to help them build their lives regardless of financial constraints, and to enable them to help others in the future.”
Over three years, StudyFree has become a “leading expert” in international university admissions with a 98% success rate for its students, CEO of software company PandaDoc Mikita Mikado noted.
“It’s changed the adviser market, not only by digitising the advising process throughout the application process, but also by making human capital and community the foundation of its product.”