KidBook, a startup with an interactive library of educational and training multimedia books for children, has raised 10 million rubles (approximately $300,000) in its first round of funding.
The funds, which have been provided by a group of individual investors led by serial entrepreneur Vladimir Kanin, will be used to prepare new content, develop an Android version and invest in marketing.
Launched in 2012, the startup took one year to complete application development and debuted its first books for the Appstore in April 2013.
KidBook claims a reader base of more than 100,000 children for its 17 original books. By the end of this year, the founders plan to release at least 15 new books.
“Multimedia projects are gaining momentum, and the tablet audience is growing rapidly, but the market still lacks quality, and most importantly, profitable applications,” Kanin stated. “KidBook differentiates itself by its in-depth content and a flexible publishing platform. These advantages allowed the founders to reach breakeven in merely one year.”
KidBook’s team consists of 5 people, who are involved in development and marketing. All the creative work is outsourced to a pool of designers, animators, sound producers and composers, among whom the startup selects the most suitable contributors for each project.
The children’s book market in Russia is fragmented with no clear leaders, KidBook founder Evgeny Safonov told East-West Digital News. However, KidBook has two significant competitors with a similar business model: Booclick.ru and Happy Kids App.
