EduTech Readmio, a Prague-based storytelling mobile application, has announced an investment of €500k from Simpact Ventures in order to expand the platform, which enhances the reading experience for children and parents through interactive storytelling.
With more than 6 million stories read, trusted by over 1 million families, and featured by Apple, Readmio looks to encourage families to enter the world of edutainment.
Ilya Novodvorskiy, Co-founder & Head of Growth at Readmio, added, “Our collaboration with Simpact Ventures is a milestone that aligns perfectly with our mission to create a brighter, more connected world through storytelling. We are excited to expand our offerings and continue to innovate in ways that enhance learning and development for children everywhere.”
Founded in 2020 by Jozef Simko, Ilya Novodvorskiy, Radoslav Rajčan, and Erik Nota, Readmio is an innovative mobile application that enriches the storytelling experience for children and parents.
Developed by a team of parents and technology experts, Readmio uses an offline voice-recognition engine (developed in collaboration with the Slovak Science Academy) to trigger sound effects and music during story reading, making it an engaging and educational tool for children worldwide.
Readmio’s app aims to bring fairy tales to life with sound effects and music, activated by voice recognition technology as stories are read aloud. This feature looks to transform traditional storytelling into an engaging, educational, and immersive experience for children. With over 500 stories in its library, Readmio encourages a love for reading and fosters family bonding and reduces screen time.
Readmio operates in the global storytelling and educational app market, with customers in over 100 countries and content available in 8 languages (English, Czech, Slovak, Polish, German, Spanish, Brazilian Portuguese, and Italian).
The team plans to add four new languages this year, including at least two Asian languages, further expanding their geographical reach. According to Readmio, their top growing markets are Poland, The USA, Brazil and Germany.
Revenue is generated from a monthly or yearly subscription, outlining that they have witnessed a 729% growth in active subscriptions over the past 24 months, as of September 2023.
Natalia Sachova from ZAKA VC commented Readmio’s journey since their first investment: “The Readmio team has proven an exceptional agility during our common journey. They are constantly iterating and improving the product and marketing efficiency, entering new countries, and learning how different cultures respond to their stories. It’s an adventure to watch them learn and grow.”
The investment from Simpact Ventures will be used to fuel Readmio’s growth, with plans to solidify its presence in the Polish market and expand its offerings into new languages.
“Research clearly shows how much influence regular reading aloud has on children’s linguistic and cognitive development. We are glad that we can support a project that not only focuses on education, but also responds to contemporary challenges, ensuring healthy development of children in the digital world,” says Krzysztof Grochowski, partner of Simpact Ventures.