STUDYFREE STARTUP WENT BANKRUPT DUE TO SANCTIONS

StudyFree, which became known in the EdTech market a few years ago as a promising startup, was on the verge of bankruptcy. The Internet service for those wishing to enroll in foreign universities, founded by entrepreneur Daria Kroshkina, was in a state of financial collapse due to sanctions. Investors have stopped cooperating since the end of February 2022, accounts have been blocked, and many employees have not received salaries for many months.

The company has been very successful, receiving millions of investments from various sources. The organization was registered in the USA, however, it received about 70% of its revenue in Russia, helping Russians to enter universities through grants, consultations and training.

Its founder Daria Kroshkina, registered in Stary Oskol, entered the "30 to 30" rating of the Russian Forbes. Among the investors were the creator of the YouTube Mobile app and former Google top manager Andrey Doronichev, TechStars and TMT Investments. Only in December 2021, the company received investments of $ 3 million.

After the start of the special operation of the Russian Federation on the territory of Ukraine and the imposition of sanctions by foreign countries, the startup found itself in a depressing situation. The company's revenue has decreased to almost zero, and the "Russian trace" has led to the blocking of accounts received during the investment rounds.

As the VC edition notes, after the loss of a significant part of the customers, its employees also began to leave the service. The company promised to pay everyone who stayed until the end of the year. However, this issue could not be resolved. According to the publication, about 50 people continue to wait for payments. At the same time, for some, the salary was delayed for a couple of months, while others have not seen money since February last year.

Telegram channel The Edinorog, owned by Dmitry Filonov, announces Daria Kroshkina's intention to sell StudyFree. However, even this is unlikely to pay all the company's debts to its employees. One of the potential buyers may be the SkyEng Internet service, created in 2012 by graduates of the capital's universities to study foreign languages. The company is registered in Cyprus. However, it is not yet clear whether the deal will take place in the current conditions.

Photo: Freepik