Novakid, an international online English school for children 4-12 years old, has recently raised $1.5 million (approx €1.3 million) led by Venture firm LETA Capital and South Korean VC BonAngels. So far the company has raised $2.2 million (approx €2 million) in total since launch.
As per the company claims, the new investment will be spent on product improvement, as well as further geographical expansion. Novakid’s annual turnover exceeded $2 million (approx €1.8 million) in 2019, tripling from the previous year. The company plans to maintain the same growth trajectory in 2020.
Novakid, founded in 2017 by Russian entrepreneur Maxim Azarov, is an online English language school aimed at children aged 4-12, where all the teachers are native speakers and have appropriate teaching certificates to work with children.
Online lessons are taught using an in-house built web platform, which is enhanced with virtual reality and gamification technologies to provide children with full immersion during the process of language learning.
At the same time, the company utilizes a “massively multiplayer online role-playing game” model (MMORPG), which allows students to interact with each other during the learning process and rewards with personal “achievements.” At the same time, teachers act as both participants and moderators of this process.
At present, the company provides services to students from 36 countries, including Poland, Russia, Spain, Germany, and Turkey. One of the fundamental teaching principles of Novakid is to adhere to the local cultural diversity of each region.
Maxim Azarov, co-founder, and CEO of Novakid said:
The overall demand for learning foreign languages online is a long-term and sustainable trend. However, most of the existing 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 genuinely breakthrough results, it is necessary to employ all the possibilities of modern technologies. That is why we designed our 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 sustained high level of foreign language learning – in each of the countries where our company operates.
Main image credits: Novakid
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