£2m raised by children’s edtech startup
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Mrs Wordsmith, a London-based edtech startup which provides educational materials for children, has just secured £2m from investors including Ropart Asset Management, Kindred Capital, Reach Capital, and SAATCHiNVEST.
Mrs Wordsmith produces children’s products that aim to build their vocabulary and reading abilities. They offer a monthly subscription where instalments of their story products are sent to customers. The startup’s books are illustrated by the creative team that worked on films Madagascar and Hotel Transylvania, and its selling point is that it teaches children words which are not on the national curriculum, and which they are unlikely to be exposed to in everyday life, in one minute per day. The product takes children up to a reading age of 17.
Having previously secured £488k in April 2016, this equity investment constitute’s Mrs. Wordsmith’s second round. It exchange a 40.1% stake for £2m, which values the startup at just under £3m pre-money. Sofia Fenichell, Mrs. Wordsmith’s founder, previously worked for Morgan Stanley, Merrill Lynch, and UBS before eventually setting up Wonder PL., a video game platform backed by the founder of VICE Media and former CEO of Apple amongst others. The platform is no longer operative, but Mrs Wordsmith was set up rapidly following Fenichell’s departure from Wonder PL.
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