So even if you had 200,000 users, that would not necessarily make the business a great candidate for funding, but that is neither here nor there.
Education is quirky. Who is your customer for this? Is it school districts, teachers, students, parents, etc?
If it's school districts, you lose. Selling into them largely requires enterprise sales skills and credibility, which (unfortunately) you don't have. They also have sales cycles which last 12 ~ 18 months, require getting about ~5 different approvals (sometimes more), and can be torpedoed by a single recalcitrant decisionmaker, including at least 1 to 2 whose job it is to torpedo your deal.
Teachers: do teachers have a pre-existing slot in their book for the exact problem you solve? If so, you can use demand harvesting techniques like e.g. SEO. It's fairly slow going, but it will work. (This is how I got about 200k or so users: building a better mousetrap for people who absolutely, positively know they have a particular flavor of mouse to catch tomorrow.) If you have to create the demand for your product, well, godspeed. A lot of teachers are going to feel actively threatened by the introduction of one more scary computer thing into their day.
Parents: Like teachers, except with less attention and less money. (Homeschoolers excepted.) The overwhelming majority of software sold to parents comes in boxes and is either sold on brand name (Kaplan, etc) or box art. They find users by giving WalMart a bigger discount than their competing box did. Run screaming from this opportunity.
Students: I would run screaming from pitching educational software directly to students below undergraduate. Do they spend any appreciable amount of money on educational software directly in the status quo? No. Undergrad is also not a walk in the park, either.
P.S. Rather than selling Spaced Repetition done for the 473234th time, you might consider selling Spaced Repetition for $HIGH_STAKES_EXAM_TAKEN_BY_RICH_PEOPLE. Spaced Repetition for passing the bar, for example, would command a price about ~50 times higher than spaced repetition which looks like it would help a fourth grader on their vocabulary tests, even if it is the same software in the box.