With a self-reported 700% year-on-year growth in clients as of June 2021, Novakid has delivered more than 2.2 million classes across more 40 countries.
Around 80% of its client base is currently in Europe, followed by 15% in MENA and 5% in the Asia-Pacific.
The new investment will be used to expand into new markets across Asia and strengthen the company’s positioning in existing markets. It will also develop original educational content and launch a new gamification platform.
“For the past two years, Novakid has been demonstrating excellent well-diversified traction in both its number of students and revenue,” said Dmitry Malin, co-founder and COO of Novakid.
“Geographical expansion and product development will help us sustain rapid growth”
“Geographical expansion and product development supported by the Round B investment will help us sustain rapid growth, boldly executing on Novakid’s intention to innovate ESL for children while achieving high customer satisfaction and a strong retention rate.”
The value of the online English teaching market is predicted to reach $10 billion this year, of which teaching children accounts for $3bn. By 2030, these are expected to grow to $38bn and $25bn respectively.
“Novakid’s goal is to improve the world via fostering communication without borders for the 21st century,” says Max Azarov, co-founder, and CEO of Novakid.
“English learning is an exponentially growing trend in the world where 20% of the population speaks this language, and as the English as a second language market for kids is expected to grow significantly in the next decade, we’ve strengthened our investor pool with two of the very best investors in the Edtech/consumer space, so we are fully prepared to build a unicorn with a significant share of the ESL market.”
The funding round was also joined by series A investors PortfoLion, TMT Investments, Xploration Capital and LearnStart, and seed investors LETA Capital and BonAngels.