LETA Capital, a Russian venture fund, and a South Korean fund called BonAngels jointly supported Novakid, a developer and provider of an online English language tutoring service, Firrma.ru reported.
This $1.5m round was stage two of Novakid’s external investing; the company has thus far raised $2.2m since the start of its business.
The start-up wants to funnel the new investment into an improvement of the current technology platform and into a broader international presence. As of now, Novakid posts $2m proceeds, and in 2019 its business more than tripled.
Set up in 2017 by Maksim Azarov, a Russian entrepreneur, Novakid now operates across Europe and Asia. This is an online English language school for children aged 4-12; all the teachers are native English speakers and have been specifically trained to work with kids. Novakid has developed its own education platform that uses virtual reality and gamification technologies to help students immerse deeply into the education process.