IntellectoKids raises $3М to delve deeper into preschool online education
TechCrunch announced that IntellectoKids, a developer of educational applications for children aged 3 to 7 years has received $3 million in Series A financing led by Allrise Capital and other investors, including Genesis Investments, VERSIHNA Capital, and QUONOTA Investments. 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.
The platform offers parents of preschool children gamified educational content and structured lessons available on mobile devices. 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.
With a goal to help prepare young kids for school, IntellectoKids’ apps deliver great educational materials combining learning content with a very engaging gaming experience. The technical team has over 20 engineers continuously developing and updating the product which shows very strong retention metrics.
IntellectoKids continues its rapid growth — in just one year the company grew 5x in monthly revenue and 3x in paying subscribers.
In the nearest plans:
The team intends to launch a Classroom feature with learning tracks in five core Kindergarten and Grade 1 courses, including Math, Phonics, Science, Arts, and Logic. For each educational topic, IntellectoKids’ Classroom will offer a personalized learning path starting with a pre-assessment and finishing with detailed progress tracking report & recommendations for parents based on a summative assessment.
In addition to the current B2C model, the founders expect in 2021 to offer primary schools and kindergartens IntellectoKids’ platform as an online supplement to support their offline educational process.
IntellectoKids was founded by Mike Kotlov and Andrey Kondratyuk in 2017 already as a distributed team company. The founders manage a team of 40 employees who work remotely from a variety of countries including Cyprus, Ukraine, Germany, Austria, Russia, Thailand, and New Zealand.
Andrey and Mike have three children each and built the product based on their own need as parents for high-quality educational content for preschoolers. In the past, Andrey has been involved in other successful educational projects, and Mike founded several startups before creating IntellectoKids.
“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.” — comments Mike Kotlov, IntellectoKids Co-Founder.
“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” — comments Andrey Kondratyuk, IntellectoKids Co-Founder.
IntellectoKids apps have more than 2 million installs and a loyal user base. The company’s target markets include North America and Central & Northern Europe from where the Company receives more than 85% of all its revenues.
“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” — Allrise Capital