At the end of 2020, we led Novakid’s $4.5 million Series A round. The team has managed to keep up the pace and less than 8 months later they secured a Series B round, from where we continue our journey accompanied by two industry-leading Silicon Valley firms, Owl Ventures and Goodwater Capital to further strengthen Novakid’s position on the European, North African, and Asian markets.
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 the mark of 2.2 million in June 2021, reaching the level of over 410 000 new classes booked monthly. 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 existing Series A investors Portfolion, TMT Investments, Xploration Capital and LearnStart, as well as seed investors LETA Capital and BonAngels also joined the round.
The new investment will be used by Novakid to expand to 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.
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 the help of Owl and Goodwater will further solidify the company’s leading position in online PreK-12 English education in the European and MENA markets.
