A first close of $838,000 was initiated by Learning Egg on its fundraising effort started two months ago. 84% of the $1 million non-brokered equity offering was placed with seventeen investors. The offering will remain open for a year during which the company may raise an additional $163,000. Learning Egg didn’t initiate previous offerings on the US private placement market. The company received $50,000 from the Innovation Fund in March 2013.
The company developed a web-based subscription application called the “Lightning Grader” that allows teachers to quickly and easily create a learning assessment, automatically grade 100 pages a minute, and generate an analysis of student performance using 14 real-time reports that give educators an overview of each student’s strengths and weaknesses.
The company, headquartered in Youngstown OH, is led by Elijah Stambaugh (CEO). Learning Egg elected not to disclose its revenues. The board of directors includes Doug Weintraub and Blake Squires.
Status: First close
Company: Learning Egg
Amount offered: $1,000,000
Amount placed: $838,000