NovaKid, a Krakow-based international online English learning platform for children, has secured €1.3 million funding from Moscow-based venture capital firm LETA Capital and South Korean VC BonAngels.
This is the second fundraising for NovaKid, and with this, the company has raised a total of €1.9 million to date. The company said the newly raised funds will be spent on product improvement, as well as further geographical expansion.
Founded in 2017 by Russian entrepreneur Maxim Azarov, NovaKid provides a platform for children aged 4-12 to remotely learn English on the same level as their English-speaking peers. It provides a virtual classroom with interactive features, optimized for teaching children in remote fashion. NovaKid’s lessons are conducted in accordance with the CEFR (Common European Framework Reference for Languages) standard, and taught by native speakers who have one of international diplomas and teacher certificates like CELTA, TEFL, TESOL, and TKT.
NovaKid aims to create an environment for children so they can learn English intuitively, as if it was their native language. Its online lessons are taught using an in-house built web platform, which is enhanced with virtual reality and gamification technologies in order to provide children with full immersion during the process of learning. The company also utilizes a massively multiplayer online role-playing game (MMORPG) model, which allows students to interact with each other during learning process and rewards with personal achievements. NovaKid’s educational program also allows students to have classes with several teachers, giving them the opportunity to effectively develop speaking and comprehension skills.
Explaining about the company, Maxim Azarov, Co-founder and CEO, NovaKid, said,
“The overall demand for learning foreign languages online is a long-term and sustainable trend. However, most of the exiting tools, such as giving lessons via Skype or other look-alike online services, are essentially just a way to make traditional lessons remote. In order to achieve truly breakthrough results, it is necessary to employ all the possibilities of modern technologies. That is why we designed our own teaching methodology, developed an online platform, and implemented thought-out processes for vetting, training, and evaluating teachers. This allowed us to encourage and motivate children, immerse them in educational activities, and, ultimately, ensure a sustainable high level of foreign language learning – in each of the countries where our company operates.”
NovaKid offers fluency builder and speaking club to help students improve speaking skills and build fluency with language skills they are currently learning as well as to build confidence in speaking with other kids. It keeps the parents informed if there are any hardships and keep them fully up-to-date with their child’s progress.
Commenting on the investment, Alexander Chachava, Managing Partner of LETA Capital, said,
“This is our fourth investment in a fast-growing and promising market of new educational technologies. Virtualization of the educational process, the use of machine learning to create and personalize lessons to each student, and gamification are among the latest edtech trends which are already in high demand on a global scale. In order to build successful international edtech business, companies need to invest not only in technological disruption but also in better understanding of the human component of a teacher-student interaction. NovaKid methodologies take into account both of these components, which is why, in my opinion, they are able to demonstrate such rapid growth on the international markets.”
NovaKid currently provides services to students from 36 countries, including Poland, Russia, Spain, Germany and Turkey. One of the fundamental teaching principles of the company is to adhere to the local cultural diversity of each region. Employing teachers with various ethno-cultural backgrounds, NovaKid promotes the most comfortable learning experience for both students and their parents.