Icelandic EdTech startup announces $520K funding round

Icelandic EdTech startup Evolytes has raised a $520K funding round led by NSA Ventures. The company has built a comprehensive learning solution that teaching children mathematics using fun and engaging methods. The solution is based on psychology research and theories used to improve speed up student skill acquisition.


Evolytes’ system includes an educational game built for tablets, study books and a parent-teacher information portal. Their three products combined creates a data-driven software that reads and analyses children’s proficiencies in real-time and adjusts study materials to their level in order to make their progress more efficient.

“NSA Ventures is glad to work with a company creating important solutions that facilitate better education for children in the future,” said Huld Magnúsdóttir, CEO at NSA Ventures.

Mathieu Skúlason, founder and CEO at Evolytes says the investment will be used to fuel growth and development and goes on to say that “This investment gives us the opportunity to achieve a technological advantage and speed up our go-to-market throughout Europe.”

The Evolytes system was released in the midst of 2020 and has since then been well received on the private market along with being adopted into 40 schools in Iceland with  some 2500 students using the system.