IntellectoKids plans to spend the money on expanding across its key markets, the United States and Europe. The investment was provided by the Genesis Investments venture fund from Ukraine, according to the company’s press service.
IntellectoKids received $1 mio from Genesis Investments. By investing into children’s apps, the fund has a chance to enter the growing market of children’s content while for the company itself it is an opportunity to increase its influence in the US and European markets. The share and the value of the project following the deal remain undisclosed.
Genesis Investments senior investment analyst Elena Mazhuga commented that currently the potential target audience of learning apps in the world is 330 mio kids.
“We expect that by 2024 the market’s total worth will reach $24 bln. With this in mind, IntellectoKids is an excellent opportunity for investment and expanding our investment portfolio.”
IntellectoKids develops a series of educational apps for children aged 7 and younger.
“These days, 78% of children under 7 spend almost two hours a day using mobile devices. Therefore, the best thing parents can do is make sure the content their children consume is safe and not only entertains but also provides them with useful knowledge,” the company’s co-founder and CEO Mikhail Kotlov said.
Based in London, IntellectoKids was founded in 2017 and its portfolio now consists of five entertainment and learning products.