Genesis Investments is backing IntellectoKids, a Russian-founded edtech startup, for the second time in one year. The Ukrainian tech investment company, which put $1 million in the startup in late 2019, is now contributing an undisclosed amount to its Series A round.
Other participants in this round include Allrise Capital (Silicon Valley), Vershina Capital (Moscow) and Quonota Investments (Cyprus), reports VC.RU.
Founded in 2016, IntellectoKids offers 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 company prepares to launch new courses in maths, phonetics, natural sciences, fine arts and logic.
In addition, the company plans to make available its online platform to primary schools and kindergartens next year.
The startup claims its four applications are used by some 2.6 million families, including some 30,000 paid users. Subscription fees range from around $4.99 monthly to $29.99 yearly.It is capitalizing on the shift to online learning, which the pandemic has accelerated.
“The pandemic showed that preschool kids can effectively consume educational content online and autonomously,” TechCrunch quoted IntellectoKids co-founder Mikhail Kotlov as saying.
“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.”
Initially established in Russia, IntellectoKids has based a part of its multinational team in Cyprus to facilitate its international expansion. Company headquarters are registered in London.