#StartupNews EdTech startup for kids: $4 million investments | Idea factory
#StartupNews
EdTech startup for kids: $4 million investments
IntellectoKids is now one of the largest developers of learning apps for kids in the world. In a year the company managed to increase the revenue by 5 times. IntellectoKids attracted $3 million investments at the end of 2020. Let’s delve into the roots of the startup success.
How it began
Michael Kotlov is the co-founder of the project. He used to work for investment banks in Moscow and handle IPO deals in London. Suddenly, Michael realized that his job was dull and didn’t bring any joy. Though it was uneasy, he quitted the financial industry.
Michael decided to do his own business. Initially, he wanted to create something like WhatsApp. However, the project was closed in 2015 because of insufficient market research. Michael learnt a lesson: before employing the first developer, it’s better to spend 2 months on market and target audience research.
Michael and his co-founder Andrew decided to look into what kids need now. They conducted surveys and came up with an idea of a mobile app that would combine gaming and learning.
Apps developing
Now the company has 4 apps. In the beginning, they created Safari School which included only one game. Later, Michael and Andrew saw the platforms with more content gaining popularity. Therefore, they launched apps with multiple games.
Markets
Initially, IntellectoKids developed in the US. However, they failed due to the expensive ads and shortage of experience. Then, the founders integrated several languages: Swedish, Spanish, and French. They succeeded and mainly grew for account of European and Latin markets.
Product development
Now the company has 37,000 subscribers and 350,000-400,000 users per month. Overall, the app has been downloaded 2 million times.
IntellectoKids has also learnt to sell yearly subscriptions which boosted five-time revenue growth.
Future plans
Now the company has a methodologist who has been developing a new project respective to American and British standards. Afterwards, IntellectoKids is going to release new game activities.
What do you think of EdTech industry for kids? Rate the startup concept from 1 to 10, where 1 is poor, and 10 is brilliant.
