Novakid, an online language learning platform that provides personalized English learning for kids ages 4-12 through artificial intelligence (AI) and gamification, has announced a $35 million Series B round led by Owl Ventures and Goodwater Capital.
The existing investors LETA Capital, PortfoLion, TMT Investments, Xploration Capital and LearnStart also joined the round.
Judy Park of Owl Ventures commented, “Novakid provides kids with a fun, engaging and effective English learning experience. We’re impressed with the team’s passion for democratizing language education and its ability to penetrate a variety of markets across Europe and beyond. We’re incredibly excited to partner with the team to continue supporting product innovation and market expansion to serve kids around the world.”
Eric Kim of Goodwater Capital commented, “We are happy to back Novakid, a promising and fast-growing English learning company with a bright future to implement its mission of no-barrier communication and access to the world’s knowledge base. Novakid’s technology provides a simple and effective way to learn English at affordable prices for children and young adults in countries where English is not a primary spoken language.”
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 original educational content and launch a new gamification platform to increase customer loyalty and satisfaction.
Aurel Pasztor from PortfoLion commented, “We are very pleased to see how well Novakid is executing on the international expansion strategy we outlined at the A-Round less than a year ago. The current investment and support of Owl and Goodwater will further solidify the company’s leading position in online PreK-12 English education in the European and MENA markets.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.