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Thursday, May 19, 2022

EdTech startup Zcooly raises 20 million to help more Swedish kids learn math

EdTech startup Zcooly, whose popular service helps kids learn math through games, tops the case for more than SEK 20 million. For the first time, Zcooly is running a foreign investment round and will include heavyweight names like Aggregate Media, Almi Invest and Verdane Foundation as new owners. The capital from the investment round will be used for new hires to ensure continued growth in the Swedish market and support product development.

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EdTech startup Zcooly raises 20 million to help more Swedish kids learn math

With over 300 game exercises to date, Zcooly has helped more than 80,000 children in Sweden learn math in an educational way. The app has become very popular with kids and parents alike and topped the App Store charts like “Kids” and “Education” last year.

According to PISA, every fifth child in Sweden is considered to be low-performing in math and this is also a major problem globally. We see that our product works really well for learning with lots of success stories both in low-performing children and for children who are understimulated, says Jonathan Wadström, CEO and founder of Zcooly.

In today’s modern age, it is easy to predict that this method will be successful. Access to technology is easier than ever. We can use this situation in positive or negative ways. It is a good idea to use technology for the education and development of children.

The company is now raising SEK 20 million to continue growing in Sweden. Zcooly, previously funded by the Wadström Ventures family group, is conducting its first foreign investment round. A mix of new owners, families and larger players. The largest amount comes from Almi Invest, which made the first EdTech investment in Western Sweden. One of the other big new names is the Verdane Foundation, which is affiliated with venture capital firm Verdane, which has invested heavily in growing technology companies in Northwest Europe.

It’s fun to include such well-known investors in the first foreign investment round. Great proof that our product and learning experience make a difference and that everyone on the team is super-labeled about continuing to grow to become the global player we want to be. Jonathan Wadström says that game-based learning will be an obvious complement to homeschooling.

Zcooly focuses on marketing

In the same round, Aggregate Media is also investing, giving Zcooly access to advertising across a range of different channels, from outdoor advertising to digital media marketing. Two investor families also come as owners, the Anders Dreijer Family and Schottenius Holding. Funds from this investment round will be used primarily for growth in the Swedish market and a number of test markets in 2022, when the service will be available in both Swedish and English. Also, the money will be used for new hires on the developer side in Gothenburg and Skövde.

Triple sales throughout the year

Zcooly was founded by Jonathan Wadström, whose player background gave him insight into how games can drive learning. Since then, the company has grown to have thousands of paid subscribers whose kids use the platform every day to play educational math games. In 2021 alone, sales have tripled, and the company aims to continue the same growth journey in 2022.

Jonathan Wadström, Zcooly“From the first day, we have seen high demand. We’ve built a great product and now we have more opportunity to accelerate and scale up than ever before. It’s incredibly exciting to be on this growth journey with our new investors, and we thank you for this trust.”, Jonathan Wadström said.

Substances

Business Information Entrepreneurship, General Computer Games School Data, Telecom, IT Children, Youth Teaching, Learning

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