11 July 2018, India:
Ed-tech startup Magic Crate has raised undisclosed amount in pre-Series A round of funding. The funding round was led by Fireside Ventures. 3One4 Capital also participated in the funding round.
As a part of investment, Kannan Sitaram of FireSide Venture will join the board of Magic Crate.
Viswanathan Ramakrishnan, Co-founder and CEO, Magic Crate said, “Research shows that about 80% of critical brain development happens before the child turns 8. This has a direct correlation with what they are exposed to, during those years. Also, in this age group, they have a phenomenal amount of free time and it becomes a big challenge to engage them at home. Magic Crate is solving this pain point for millions of busy, but well-intentioned parents.”
Kannan Sitaram, Venture Partner, Fireside Ventures said, “Magic Crate is going after a huge white space. During the early years, the child spends more time at home than at school, and yet there are no large consumer brands catering to millennial parents looking to engage their children productively at home. The team has built a solid product line and business model that’s allowing them to scale in a very capital efficient way.”
Karthik Lakshman, Co-founder and COO, Magic Crate, said, “The startup has been unit profitable for over a year thanks to our strong repeat rates and 50%+ gross margins. With this business vertical scaling well with strong unit economics, we are now working on launching exciting new products to our customer base and this funding round helps accelerate our efforts.”
Magic Crate was founded by Viswanathan Ramakrishnan and Karthik Lakshman 2015. It provides an inquiry and play-based program for early childhood learning at home. It offers a subscription-based service that produces and delivers hands-on activities for kids aged 1.5-13 years. The activities are designed by a team of early childhood experts and product designers, to be educational and also entertaining for kids.
(Image – Magic Crate)