Online English learning platform Novakid announced a $35 million Series B round led by Owl Ventures and Goodwater Capital, the company said in a statement.
Existing investors LETA Capital, PortfoLion, TMT Investments, Xploration Capital and LearnStart also joined the round.
Founded in 2017, Novakid provides online ESL learning lessons with native speaking certified teachers for children ages 4-12 with AI-assisted data extraction and analysis.
In 2021 Novakid's active client base growth rate reached nearly 700% YoY, with monthly growth as high as 14.8%.The number of classes delivered by Novakid surpassed 2.2 million in June 2021.
The teaching staff is expected to reach 3,000 native English speakers by the end of 2021. As of June 2021, Europe accounts for 80% of the company's client portfolio, MENA 15% and the Asia-Pacific region 5%.
The new investment will be used by Novakid to expand into new markets in Asia, strengthen the company's position in existing markets (Europe and MENA), develop educational content and launch a new gamification platform to increase customer loyalty and satisfaction, according to Novakid.
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