Readmio, a Prague-based storytelling mobile application, has announced a $521,000 (€500,000) in a funding round led by Simpact Ventures to expand the platform, which enhances the reading experience for children and parents through interactive storytelling.
Readmio, founded in 2020 by Jozef Simko, Ilya Novodvorskiy, Radoslav Rajčan, and Erik Nota, is an innovative mobile application that enhances the storytelling experience for children and parents. The platform, designed by a team of parents and technological experts, uses an offline voice-recognition engine (developed in partnership with the Slovak Science Academy) to trigger sound effects and music while reading stories, making it an enjoyable and instructive tool for children worldwide.
Speaking on the fundraising, Ilya Novodvorskiy, Co-founder and head of Growth at Readmio, said:
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.
The 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, it encourages a love for reading, fosters family bonding and reduces screen time. The company 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).
Krzysztof Grochowski, Partner of Simpact Ventures, also stated:
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 the healthy development of children in the digital world.
Readmio, which has over 6 million stories read, is trusted by over 1 million families and has been featured by Apple, it hopes to encourage families to explore the world of edutainment. This year, the company seeks to add four new languages, including at least two Asian languages, to broaden its geographical reach. According to Readimo, Poland, the United States, Brazil, and Germany are the top rising markets.
Natalia Sachova from ZAKA VC commented on Readmio’s journey since their first investment:
The Readmio team has proven exceptional agility during our shared 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.
Revenue is generated by monthly or yearly subscriptions, and as of September 2023, there had been a 729% increase in active subscribers over the previous 24 months.
