18.8 C
New York

Skillmatics raises $16 Million Series B funding led by Sofina

Published:

Education

To utilise funds to strengthen its global presence and expand products to new-age groups, among others

Skillmatics, a global brand for children’s educational games and resources, has raised $16 million in Series B funding, led by Sofina.

The round witnessed participation from the existing investors, Sequoia Capital India and Jalaj Dani Family Office. 

The funds will be utilised to strengthen its presence in the United States, expand the brand’s product offerings to new age groups and product categories, scale up its presence in new international markets and make strategic acquisitions in adjacent categories.

With the Series B round, the company has raised close to $24 million, including a $6 million Series A round led by Sequoia Capital India in April 2021 and a $1.8 million Seed round in April 2019 led by Sequoia India’s Surge program.

The brand designs content-led games and play-centric learning resources. Their products focus on building core skills such as reading, logical reasoning, STEM and social-emotional skills in children. The company has launched many   product lines, including Guess in 10, Write & Wipe Activity Mats and Found It!.

“Parents today want to provide their children with meaningful play experiences that drive social interaction and build formative skills. This fundraise gives us the fuel to build new capabilities, grow our team across our offices in the US and India, expand our reach, and take us one step closer to building an iconic brand that is loved by families around the world,” said Dhvanil Sheth, Founder & CEO of Skillmatics.

“We have built a rapid and iterative product development engine that is 5X faster than incumbents and has a highly data-driven approach to product design. We are excited to leverage this process to launch new products across a wider range of categories,” said Devanshi Kejriwal, Co-Founder & Creative Director of Skillmatics.

“The Skillmatics team exudes contagious energy balanced with a deeply thoughtful approach to creating delightful educational experiences for young families. As a company that operates at the crossroads of consumer brand building, education and sustainability, Skillmatics’ mission resonates with several of Sofina’s investment priorities and we look forward to partnering with them in their growth journey,” said Tanya Sen, Principal, Sofina.

Skillmatics sells globally via online marketplaces, its website and offline retailers like Walmart, Target and Hamleys. The company is currently present across 15 countries and has sold over five million products since its launch. 

Published on May 10, 2022

You May Also Like

Recommended for you

Related articles

Recent articles

spot_img