Edtech startup, Eight Times Eight, has secured $5 million in funding. Among other things, the company will use the money to hire new team members.
On September 19, 2022, Eight Times Eight, created in 2020 by six college students who are international-level chess players, raised $5 million in pre-seed capital. The funds will be utilized to employ more team members, expedite product development, and expand sales operations.
The funding will also be utilized to improve the Learning Management System and the technological stack. Eight Times Eight intends to open physical locations as part of a deliberate strategy to transition to a hybrid mode with the same.
The company presently offers live, interactive chess lessons to students in over 20 countries. They will also release India’s first chess kit, which will include a beautifully designed chess board, a chess workbook, and animated chess movies to make learning the game interesting and exciting.
Grand Master SL Narayanan, a former India No. 4, Commonwealth Silver medalist, and part of the Indian Olympiad Chess Team, developed the syllabus for the Eight Times Eight workbook.
Eight Times Eight is on a mission to popularize chess among youngsters and, as a result, help them develop life skills through the game. People have an intellectual view of chess, and there is a notion that only educated people play chess.
Eight Times Eight wishes to deconstruct and disprove this fallacy. Chess is more than simply a game; it is a vital life skill with the capacity to subtly impact people’s lives. It has the potential to produce champions both on and off the field.
CEO of Eight Times Eight, Abhijith, said, “The funding we have secured will undoubtedly contribute to our goal of popularizing chess. We are developing a global network, and the subject experience that we have in this industry will undoubtedly be advantageous.”