Two Intercom Founders Invest in E-Learning Startup SimpleStudy as It Raises €750,000
SimpleStudy, a Cork-based e-learning startup focused on exam preparation, has successfully raised €750,000 in a pre-seed funding round with notable investments from Intercom co-founders Des Traynor and Ciaran Lee. Founded by Oisin Devoy, Philip McKenna, and Zac Dair, SimpleStudy aims to revolutionize exam study akin to DuoLingo’s impact on language learning.
In an interview with the Sunday Independent, Devoy shared that the initial goal was to raise €200,000 to push the startup towards revenue generation. However, the overwhelming interest from investors quickly exceeded expectations, allowing for a more ambitious expansion plan.
“We are poised for rapid growth, aiming to reach a million students by 2024,” Devoy stated. The company is launching in the UK, eyeing the larger market potential there and in France, despite its roots in Ireland.
Devoy highlighted the startup’s ethos of maintaining a lean operation despite the influx of funds, focusing on creating a product that resonates well enough with users that they would pay for it and recommend it to others.
The endorsement and investment from Traynor and Lee not only bolstered the company’s confidence but also signaled to the market the potential and intriguing direction of SimpleStudy. This e-learning platform is tailored to second-level students primarily in Ireland and the UK, offering a comprehensive suite of study materials, practice exam questions, and revision topics designed to enhance the preparation for exams.
