Novakid

Founded in 2017 by Maxim Azarov, Novakid is a platform for learning English as a second language designed for children aged 4 to 12. The platform combines an interactive digital curriculum with live tutoring sessions led by native-speaking teachers using a method based on the language acquisition concepts presented by a group of world renowned linguists as well as virtual reality and gamification tactics via  a massively multiplayer online role-playing game (MMORPG) model that allows students to interact with each other and earn rewards. The platform also uses machine learning to evaluate student progress and personalize programs for each student. In February 2022, it launched Novakid Game World, an end-to-end gamified learning solution for learning English as a second language designed for teachers and students; the Novakid Magic Academy is the first virtual learning world within the Novakid Game World. As of July 2022, the platform was used by more than 130,000 students. 

Funding and financials

In August 2021, the company raised USD 35 million in a Series B funding round led by Owl Ventures and Goodwater Capital. The funding follows its USD 4.25 million Series A raised in December 2020. The most recent funds will be used to increase its student base and headcount, and expand into international markets with large populations seeking to learn English. The company’s 1H 2022 client portfolio was reportedly led by Europe (70%), followed by the MENA region (14%), and APAC (16%). 

In February 2023, the company reported double-digit YoY revenue growth in 2022, including an increase in the proportion of long-term subscriptions, and the addition of 70,000 new students from more than 50 countries. Although the company expected a challenging macroeconomic climate in FY2023, it expected revenue to grow and to break even. It also planned to change the 25-minute private English class style for young pupils to a 40-minute educational journey. It reported revenue of USD 9 million in 2020, and forecasted 2021 revenue to range between USD 36 million and USD 45 million.