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Edtech Startup Novakid Raises $35m to Enter Asian Markets

August 3, 2021, 13:09 (UTC+3)|
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NovaKid, an English language learning platform and a Moscow-based Skolkovo Incubator resident, has raised $35 million in a round led by Owl Ventures, Goodwater Capital, LETA Capital among others.

The startup plans to use investments to enter new markets in Asia as well as strengthen its positions in Europe, the Middle East, and North Africa. The company also intends to invest in the development of educational content, improve gamification technologies, and expand cooperation with linguistic laboratories in Europe and the United States.

The Novakid platform was founded in the United States in 2017 by Moscow entrepreneurs Maxim Azarov and Dmitry Malin, as well as methodologist Amy Krolevetskaya. In 2020, the startup's revenue, according to the company's own data, was estimated at $9 million.

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