Sometimes education is more about building and retaining knowledge, rather than just consuming learning material. Companies too need to educate their employees to better their bottom line. Enter Digemy.
Digemy, a South African edtech startup, is out to solve these issues and many more. The company just secured USD 68 K (ZAR 1 Mn) in funding from Greenwold Capital.
This is the second consideration from the funder, who invested USD 136 K (ZAR 2 Mn) in the startup back in 2017. This financial development leaves Digemy with a valuation of USD 2.7 Mn (ZAR 40 Mn).
Digemy created an algorithm to measure the knowledge of a learner regarding a particular topic. The startup then helps them in increasing knowledge by providing accurate information at the correct time. This method changes the widespread method of studying to pass an exam or master a topic.
The edtech was founded in 2017 by Carl Wallace – who has now departed the company due to a long-term illness – and Kobus Louw. It provides corporates with in-depth insights into the knowledge levels of employees. It does so from course-level to the most granular level of every syllabus. The training materials used by the platform are delivered in bites via an intrusive format.
Aside from educating employees, Digemy aims to change the way corporates educate their clients. Executives appreciate the fact that clients often don’t understand their products and services, especially financial products.
The first major issue we are taking head-on is the lack of financial literacy in South Africa. For this, the startup is partnering with corporates and has completed proof of concept with one of South Africa’s most prominent banks.
The startup will use the new investment to grow its team. It will as well pursue entrepreneurial development and launch its besmarta platform. Besmarta is a financial literacy device that gives learners access to microlearning modules and quizzes. That platform is developed to decrease financial stress and help learners achieve financial freedom.
“We aim to change the population’s perception of money, budgeting, credit and saving, and we believe that by educating clients through our technology, we can change behaviour and decrease the client’s probability of defaulting on an agreement while increasing their net worth and savings – addressing two of the biggest financial issues currently in South Africa,” the company says.
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