TMCnet News
Novakid Raises $4.25M in Series A Financing to Reinvent Online ESL Learning for KidsSAN FRANCISCO, Calif., Dec. 3, 2020 /PRNewswire/ -- Novakid Inc, an emerging EdTech brand reinventing learning English as a second language for children ages 4-12, announces today the closing of a $4.25 million Series A financing from a group of US, Asia and Europe-based investors. The financing round is led by a Hungary-based PortfoLion (part of OTP, a leading banking group in Eastern Europe) and joined by a prominent EdTech-focused US fund LearnStart (part of LearnCapital VC family, which backed a number of notable EdTech-companies, among them VIPKID and Brilliant.org), as well as renowned firms TMT Investments and Xploration Capital. Both seed investors - BonAngels and LETA Capital - took part in this round. Incorporated in the US with development and customer support offices around Europe with over 150 highly qualified staff, Novakid will use proceeds from Round A to support its stellar growth by fostering marketing activities and further product innovation. "Novakid is reinventing English learning for kids in countries where English is not a primary spken language. It implements a unique format that combines a highly-interactive digital curriculum with individual live tutor sessions for a 100% language immersion," said Max Azarow, Co-founder and CEO, Novakid. "Novakid's goal is to improve the world via fostering a communication without borders for the 21st century." Aurel Pasztor, Partner at PortfoLion, commented: "Novakid attracted investor attention due to its excellent traction, which resulted in over 500% growth year-on-year both in terms of number of students and in terms of revenue. Other attractive points were strong customer retention, international business footprint and a solid monetization via paid subscriptions." "Worldwide, the COVID-19 pandemic has proven to be a turning point for the demand for online language learning, and rapid growth is expected over the next 5 years with CAGR of 11-14%. Novakid offers an excellent alternative to brick and mortar language schools. Its online learning platform is a more attractive product to digitally-native generation of kids, while keeping them and their parents safe," comments Don Burton, Managing and Founding Partner at LearnStart. About Novakid View original content:http://www.prnewswire.com/news-releases/novakid-raises-4-25m-in-series-a-financing-to-reinvent-online-esl-learning-for-kids-301183415.html SOURCE Novakid |