EU edtech startup Novakid raises seed funding from S Korean VC firm BonAngels

Photo: Ben Mullins/Unsplash

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.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.