Novakid Raises $4.25M in Series A Financing to Reinvent Online ESL Learning for Kids

SAN FRANCISCO,Calif.,Dec. 3,2020 -- 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 CAGRof 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

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.