novakid’s esl app for children raises $4.25m series a led by portfolion and learnstart investors
The recent global health crisis has significantly disrupted education for children, leading to substantial growth for educational technology (edtech) companies. New funding announcements for these startups are occurring with increasing frequency.
Today, Novakid is announcing its latest funding round. This edtech company focuses on providing English language learning services for children. It possesses a strong potential for success within the competitive landscape, having secured $4.25 million in Series A funding. The investment was spearheaded by PortfoLion, a Hungary-based firm affiliated with OTP, a major banking institution in Eastern Europe, and included participation from LearnStart, a U.S. fund specializing in edtech investments. LearnStart is associated with LearnCapital VC, which has previously invested in companies like VIPKID and Brilliant.org. TMT Investments and Xploration Capital also contributed to this round. Both initial investors – BonAngels from South Korea and LETA Capital – also participated in the January funding round totaling $1.5 million.
Novakid’s instructional approach draws upon the theories of language acquisition proposed by Asher, Thornbury, Krashen, and Chomsky, and is designed for children between the ages of 4 and 12. The company is legally registered in the United States, with its development and customer support teams located throughout Europe.
According to Max Azarow, co-founder and CEO, “Novakid is transforming how children learn English in nations where it isn’t commonly spoken. Traditionally, English is often taught as a theoretical subject, emphasizing grammar with limited opportunities for practical, live conversation. Novakid, however, utilizes a distinctive approach that integrates an engaging digital curriculum with one-on-one live tutoring sessions, ensuring 100% English language immersion for students.”
Aurél Påsztor, a partner at PortfoLion, stated: “Novakid’s impressive growth, exceeding 500% year-over-year in both student numbers and revenue, was a key factor in attracting investment. Additional appealing aspects included high customer loyalty, a global presence, and a robust revenue model based on subscription payments.”
Mike Butcher