Sign up

Have some pie!

English learning platform Novakid raises $35m

Online English language learning platform Novakid, which provides training for children aged 4-12, has raised $35m in a series B funding round led by Owl Ventures and Goodwater Capital, the company has reported.

NovakidThe online English learning sector is growing rapidly. Photo: Unsplash

The value of the online English teaching market is predicted to reach $10 billion this year

With a self-reported 700% year-on-year growth in clients as of June 2021, Novakid has delivered more than 2.2 million classes across more 40 countries.

Around 80% of its client base is currently in Europe, followed by 15% in MENA and 5% in the Asia-Pacific.

The new investment will be used to expand into new markets across Asia and strengthen the company’s positioning in existing markets. It will also develop original educational content and launch a new gamification platform.

“For the past two years, Novakid has been demonstrating excellent well-diversified traction in both its number of students and revenue,” said Dmitry Malin, co-founder and COO of Novakid.

“Geographical expansion and product development will help us sustain rapid growth”

“Geographical expansion and product development supported by the Round B investment will help us sustain rapid growth, boldly executing on Novakid’s intention to innovate ESL for children while achieving high customer satisfaction and a strong retention rate.”

The value of the online English teaching market is predicted to reach $10 billion this year, of which teaching children accounts for $3bn. By 2030, these are expected to grow to $38bn and $25bn respectively.

“Novakid’s goal is to improve the world via fostering communication without borders for the 21st century,” says Max Azarov, co-founder, and CEO of Novakid.

“English learning is an exponentially growing trend in the world where 20% of the population speaks this language, and as the English as a second language market for kids is expected to grow significantly in the next decade, we’ve strengthened our investor pool with two of the very best investors in the Edtech/consumer space, so we are fully prepared to build a unicorn with a significant share of the ESL market.”

The funding round was also joined by series A investors PortfoLion, TMT Investments, Xploration Capital and LearnStart, and seed investors LETA Capital and BonAngels.

Related articles

Still looking? Find by category:

Add your comment

2 Responses to English learning platform Novakid raises $35m

  1. Just wondering the source for this if you have it: The value of the online English teaching market is predicted to reach $10 billion this year, of which teaching children accounts for $3bn. By 2030, these are expected to grow to $38bn and $25bn respectively

    • Hi Chris, I think the first part is quoted by a report by J’son and Partners “English Language Learning Market, 2021. ESL for Kids: Online-Schools and Trends” and I’m pretty sure they are also quoting the HolonIQ 2030 report for the second fact.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: All user contributions posted on this site are those of the user ONLY and NOT those of The PIE Ltd or its associated trademarks, websites and services. The PIE Ltd does not necessarily endorse, support, sanction, encourage, verify or agree with any comments, opinions or statements or other content provided by users.
PIE Live

The PIE Live: Student Journey virtual conference 18-22 Oct
Exceptional learning and global networking opportunities
PIE one get one free offer until Fri 24 Sept!

Register now