Early learning skills platform Lingokids has raised $10 million in a Series B round led by Ravensburger Group, an international toy company and games publisher which offers educational games for children.
Madrid-based Lingokids said it will use the financing to broaden its global product offering, developing innovative content and a more comprehensive curriculum. It added that it will expand in the US and reinforce its presence in other key markets such as Mexico and Brazil.
The company said its app, targeted at two-to-eight-year-olds, has tripled its growth since the beginning of the year and that its community comprises more than 20 million families in 190 countries. With the new funding, the company will introduce new subscription levels, it said.
Lingokids said it will tap into Ravensburger’s expertise in educational games publishing and the two companies plan joint development of new games and learning experiences for children around the proprietary intellectual property developed by Lingokids.
Cristóbal Viedma, co-founder and chief executive of Lingokids, said: “What’s most exciting here is the fact that both companies share the same goal – prioritising education in a way that is accessible for children so they can spend more time dedicated to quality playful learning. Technology plays a role for kids that has really changed for the better over the years. It’s our goal to continue leveraging its benefits to paint a brighter tomorrow for our children. This partnership with Ravensburger provides us an opportunity to accomplish and develop more innovative content for them, as well as develop the concept of a 360-degree learning experience at home.”
Thomas Bleyer, group director, corporate development at Ravensburger, added: “Lingokids has shown an impressive capability to develop and deliver innovative digital learning experiences for children around the world. We are excited about the entrepreneurial spirit and potential of this partnership, supporting millions of families with quality playful learning content, especially in these challenging times.”
Lingokids’ existing investors include HV Holtzbrinck Ventures, JME Ventures, All Iron Ventures, 500 Startups, Athos Capital and Sharpetown.
Date published: 9 October 2020