EU edtech startup Novakid has raised $750,000 in seed funding from South Korean venture capital firm BonAngels Venture Partners, bringing Novakid’s funding to $1.5 million to date, according to a top executive of the firm.
Novakid is an elementary school for children between the age group of 4 and12. The startup allows kids to remotely learn English, with teachers from the US and Great Britain using a syllabus that corresponds with the European Standards CEFR.
Novakid is incorporated in the US with headquarters in EU (Krakow, Poland). Its largest markets currently are Poland, Spain, Turkey and Russia.
“The fresh funds will be used for technology development, specifically Novakid data-driven curriculum and expansion to new markets,” Max Azarov, co-founder and CEO, Novakid, told DealStreetAsia in an interaction.
The startup wants to foray into Spain in 2019 and do a test run in select Asian markets in 2020.
“Only BonAngels has participated, but we have agreed to keep the round open until mid-Nov 2019. We are in talks with several potential investors,” said Azarov.
Novakid is a subsidiary of Cloudike Inc whose backers include BonAngels, MDI Ventures from Indonesia, and Colopl Next from Japan.
Novakid’s goal is to learn from the success of similar services offered in China and Asia by a slew of firms including unicorn startup VIPKid that cater to the European and Middle-Eastern markets. Currently, Novakid has students from 36 countries.
BonAngels was set up as one of the initial early-stage venture capital firms in South Korea by BG Chang, founder of Bluehole (PUBG), Simon Kang and Inae Song. Last year, it announced the launch of a $50 million fund for investing in early-stage startups.
The $50 million third fund follows its predecessor funds – BonAngels Pacemaker Fund 1 ($22 million) and BonAngels Pacemaker Fund 2 ($30 million). The third fund ups total capital under the management of the firm to $100 million.