IntellectoKids, a developer of educational applications for children aged 3 to 7 years, has raised $3 million in a Series A financing round led by California-based multi-strategy investment firm Allrise Capital.
Other investors such as Genesis Investments, Vershina Capital, and Quonota Investments also participated in the round.
According to a statement, the proceeds from the round will be used to catalyze growth and introduce new academic-based teaching features to penetrate further into the preschool education market.
Founded by Mike Kotlov and Andrey Kondratyuk in 2017, IntellectoKids offers parents of preschool children gamified educational content and structured lessons available on mobile devices. The platform claims to have more than 2 million installs and user base from across North America and Central and Northern Europe.
IntellectoKids aims to help prepare young kids for school, and its apps deliver great educational materials combining learning content with engaging gaming experience. According to SensorTower, IntellectoKids’ apps are steadily ranked in the Top-10 Grossing Apps in Kids 5 & Under category in the U.S. and Canada and in the Top-5 in Brazil, Mexico, UK, France, Germany, and other major European countries.
Speaking about the company and the future of education post pandemic, Mike Kotlov, Co-founder, IntellectoKids, said,
“On the education scene, preschool education is becoming a highly vibrant market. The pandemic showed that preschool kids can effectively consume educational content online and autonomously. Clearly, there is a growing need for this type of product among parents and businesses now; however, once the pandemic is over the online education is here to stay for sure as it has already become intertwined with offline and benefited the overall educational process.”
The company intends to launch a Classroom feature with learning tracks in five core Kindergarten and Grade 1 courses, including Math, Phonics, Science, Arts, and Logic. According to a statement, for each educational topic, IntellectoKids’ Classroom will offer a personalized learning path starting with a pre-assessment and finishing with detailed progress tracking report and recommendations for parents based on a summative assessment.
Commenting on the investment, Allrise Capital said in a statement,
“The EdTech space, particularly the age demographic IntellectoKids serves, is growing tremendously and we are excited to watch IntellectoKids continue to grow with the robust EdTech market.”
IntellectoKids claims to witness 5X growth in monthly revenue and 3X in paying subscribers in just one year.
Expressing his excitement about the latest funding and how it will help the company, Andrey Kondratyuk, Co-founder, IntellectoKids, said,
“Last year the incredibly helpful and responsive Genesis Investments team believed in our ability to educate and entertain young children worldwide with our high-quality content delivered through a mobile device. Exactly 12 months later we are excited about our Series A investment and expect to exceed new investors' expectations. We’re building one of the largest companies globally in preschool education and the round will speed up our development very substantially.”
In addition to the current B2C model, the company plans to offer primary schools and kindergartens IntellectoKids’ platform as an online supplement to support their offline educational process starting 2021.