HobSpace raises 1 crore in pre Series A funding

Mumbai: EduK8 Learning Labs Pvt Ltd, which operates extra-curricular activities-focussed startup HobSpace, has raised Rs 1 crore ($136,666) in pre-Series A1 funding.

The Mumbai-based startup has raised this capital from Inflection Point (IP) Ventures, one of the more active domestic early-stage investment platforms.

HobSpace was set up in 2019 by Priyal Goel Seth and Harsh Jain. The company says it aims to transform under-utilized school buildings, playgrounds, and other similar infrastructure into educational and hobby centers for after-school activities.

Prior to this infusion, HobSpace says it raised Rs 3.3 crore in seed capital from Artha Ventures, AngelList, and other investors in October last year. The company will use this capital to multiply the number of centers it operates and expand its geographical presence over the next three years.

“Given the pandemic, HobSpace still logged 33% growth in subscriber base month-on-month. We also liked their focus on unit economics and business viability,” IP Ventures co-founder Mitesh Shah said.