Innovamat, a leading EdTech company based in Barcelona, has recently raised $21 million in a Series A funding round led by Reach Capital to reinvent math education for K-12.
Kibo Ventures, Bonsai Partners, Axon Partners, 10x, and Dozen Investments also participated in the round.
Innovamat aims to revolutionize the learning of mathematics by transforming the classroom to excite, stimulate, and motivate students. The company was founded in 2017, operating initially in Spain before expanding to Italy and several countries in Latin America like Mexico, Colombia, Chile, Ecuador, Brazil, and Peru. Today, the company’s tool is being used by 15,000+ teachers from 2,000 schools to teach math to 350,000 students.
The company said it would use the fresh funding to expand its business. Most recently, it started its first K-5 pilots in the US, in New Jersey. Its plans include putting investment into more R&D, with a new research center focused on mathematics pedagogy and learning.
“Innovamat has brought the fun of learning math to our students and the joy of teaching math to our teachers. It’s been a win-win,” said Dr. Hollyce Schoepp, K-12 Supervisor of STEM, Vernon Township School District (NJ), in a statement.
The problem that Innovamat is tackling has been in the sights of educators, parents, and larger institutions for quite a while. In short, globally, most countries are struggling to teach most of their young people basic math skills.
Andreu Dotti, the co-founder & CEO of Innovamat, said much of the issue rests with an ill-suited approach to teaching math and children who struggle to respond to how it’s being taught.
According to Innovamat, the basics of how it’s been taught by and large for decades have focused on rote memorization of techniques and theories, using textbooks to codify that approach, with explanations for “why” something works a certain way only coming much later. On top of that, those rote methods are often taught in a vacuum with little alternative, creating a very narrow grasp of the subject for most students.
Esteban Sosnik, General Partner of Reach Capital, said in a statement,
There has been a global problem with mathematics education for decades. It often follows a transmissive model that focuses on rote memorization, which is ineffective and generates anxiety for many students. Mathematics is a deductive science and requires a different approach. Innovamat offers a quality solution, adapted to the needs of the 21st century and based on research, offering training and support to teachers while at the same time engaging the interest of students.
A recent study by the company found that students who use its tool score up to 11% higher in standardized mathematical competence tests.