Toronto-based EdTech startup LumiQ has raised C$5 million in a funding round led by Firmex founder and former CEO Joel Lessem to build its podcast platform targeting the Certified Professional Accountant (CPA) in the US.
Mark Jaine (former CEO of Intelex), Will Anderson (Chairman of Resolver), Paul Hill (former CEO of Carta Worldwide and Chairman of Verafin) and other undisclosed investors also participated in the round.
The full equity round closed earlier this month and consisted of an undisclosed combination of primary and secondary capital, according to a BetaKit report.
Founded by Michael Kravshik and Adam Bercovici in 2016, LumiQ (formerly known as Luminari) aims to “make professional education enjoyable.” The company’s podcasts—housed in its native mobile podcast app—allow CPAs to complete their annual training and professional development requirements more easily than through traditional means. LumiQ releases around 20 new episodes per month on topics ranging from accounting updates to soft skills, case studies and more scripted content, featuring successful business leaders from around the world.
LumiQ claims that more than 300 companies trust its platform as a CPD solution for their CPAs. His clients include Deloitte, Purolator, First Capital, The Beer Store, KingSett Capital and AstraZeneca.
LumiQ’s growth strategy includes expanding into the US. The company already has clients across the country, but aims to grow more “upstream” by targeting larger accountancy firms and private companies.
According to Kravshik, LumiQ has always been focused on profitability, and the startup has been cash-flow positive for the past few years. The company has been able to do this in part because its operations are less capital intensive than other ventures.
The CEO added that he and Bercovici have always wanted to build a sustainable long-term company that is less vulnerable to market volatility. Kravshik noted that this approach led LumiQ to seek out angel investors with experience as operators rather than VC firms.
With the latest round, LumiQ has raised $7.4 million in total funding.
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