SAN 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 spoken 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.
Novakid is an online ESL learning IT-platform offering individual lessons with native speaking certified teachers for children ages 4-12 with AI-assisted data extraction and analysis. Incorporated in the US, it has students in over 30 countries, focussing on Europe and MENA with major customer base in Poland, Spain, Italy, Turkey, Russia.