A Kyiv-based venture fund, Genesis Investments , has just injected $1 million in Russian-founded edtech startup IntellectoKids.
The news was reported earlier this week by Rusbase, which cited exchanges with the startup’s press service. The details of the transaction were not disclosed.
Founded in 2016, IntellectoKids presents itself as a media, entertainment and education platform for parents and their kids from 3 to 7 y.o. The startup creates mobile apps for parents to help their kids learn English, prepare them to sleep with interactive fairy tales, or learn about common parenting issues.
“Being a parent is one of the hardest jobs out there,” reads IntellectoKids’ site. “Our mission is to make parenting easier and less stressful on the life of a parent while educating and providing high-quality content to your child.”
The startup claims its products are used by more than 1.2 million families.
IntellectoKids moved to Cyprus as it felt this EU state would offer a favorable ground for international expansion. The funding from Genesis will for marketing campaigns with a focus on the US and EU markets.
The Ukrainian investor is also committed to assist the startup in hiring IT specialists and further developing the business.
Genesis Investments touts itself as having “an extensive experience in creating successful international startups.” Among them is Jiji, an African online marketplace which recently acquired Naspers’ activities in Kenya, Ghana, Uganda and Tanzania.