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Primo raises $750,000 in round led by Ibis Capital

London-based start-up Primo has raised $750,000 (£468,000) in seed funding from Ibis Capital, a pool of angel investors and two incubators: MTS, based in San Francisco and Emerge Education, based in London. 
Primo launched in November 2013 after a successful Kickstarter campaign. It is a toy that teaches children aged 3-7 computer programming without the need for literacy. It covers concepts like algorithms and prepares children for more advanced coding later in life. 
Co-founder Filippo Yacob said: “It’s all about offering children active and healthy consumption of technology, as opposed to passive entertainment. We will apply our philosophy to products that cover all science, technology, engineering and maths subjects going forward, not just programming”.
Through its subsidiary Edxus Group, Ibis Capital plans to spend up to €60 million (£51 million) on education acquisitions in a bid to build a leading education business for the European market. 
Ibis partner Benjamin Vedrenne-Cloquet said: “Primo is one of the most innovative and unconventional early-stage companies we have seen in the ed tech ecosystem. Our investment in Primo signals our ongoing commitment to support the development of European ed tech.” 

Posted on: 10/10/2014

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