NEW YORK--(BUSINESS WIRE)--Speakaboos, the award-winning mobile education platform for literacy and language learning, announced today that the company has raised an additional $6.5 million in funding. The Series B announcement follows the Series A and Seed funding that raised a total of $6.2 million in 2013, making Speakaboos total investment funding $12.7 million to date. Speakaboos plans to focus the $6.5 million of funds on product development and engineering, content development and licensing, expanding distribution, as well as marketing and customer acquisition.
The Series B round was led by Rick Segal, Managing Partner of ReThink Education and The Al Sayegh Group (strategic operating partners for Berlitz and LG), alongside new participation from an education industry syndicate that includes Deborah Quazzo, Co-Founder of GSV Advisors; Helena Wong, former President of International for Rosetta Stone; and Scott Booth, Founder and Special Advisor, Lead Edge Capital. Existing investors in Speakaboos include venture funds such as Advancit Capital, strategic education investors such as the Kyowon Group (the largest education company in Korea), strategic international investors such as Ninestars and industry executives such as Gerald Hughes, former President & COO of Houghton Mifflin Harcourt.
“The market has shown tremendous interest in our approach to children’s digital literacy and getting kids engaged with reading on digital devices,” said Neal Shenoy, CEO of Speakaboos. “As a result of our growing distribution footprint, our subscriptions are growing exponentially, and we’ve been able to secure strategic support from leading industry investors in the EdTech space globally.”
Speakaboos also announced a new Board of Directors today, naming Rick Segal, Managing Partner of ReThink Education, as the Chairman of the Board. He joins JunHwan Kim, VP of Global New Business Development for Kyowon Group and Sanjay Chanana, CEO of Retail for The Al Sayegh Group, alongside Ian Rowden, former Chief Marketing Officer of The Virgin Group; Rishi Malhotra, CEO of Saavn and former VP, On Demand for HBO; and Speakaboos co-founders Neal Shenoy and Noelle Millholt.
“We are seeing an explosive opportunity in early childhood learning and the digital literacy marketplace,” said Rick Segal, Managing Partner of ReThink Education. “Reading is the foundation for curiosity, independence, and learning – Speakaboos innovative approach to providing children with a library of hundreds of interactive books based on a thoughtful pedagogy that gets kids excited about reading positions the company to become the biggest name in children’s digital reading. As the digital landscape evolves, so has Speakaboos, branching out across mobile devices, tablets, and laptops in homes and classrooms worldwide.”
The Speakaboos Advisory Board consists of notable industry executives including Shari Redstone, Managing Partner, Advancit Capital; Betty Cohen, Founding President, Cartoon Network; Nancy Tellem, President of Digital & Entertainment, Microsoft; Bill Barke, Former Chairman, Pearson Higher Education, US & Canada; John Danielson, former Chief of Staff, Secretary of Education; and Michael Zeman, Marketing Director, Netflix.
Speakaboos is an award-winning mobile education platform for early childhood literacy and language learning. Our mission is to build lifelong readers. Speakaboos features the largest catalog of interactive stories and songs developed by experts and delivered to children across all digital platforms. Speakaboos is distributed to thousands of children in homes, schools and libraries globally in strategic partnership with the world’s largest education, media and technology companies. For more information visit: http://corporate.speakaboos.com/.