Acquired by Animoca Brands last year, educational technology (EdTech) startup TinyTap secured $8.5 million in a new funding round, bringing its valuation to $100 million. The company will use the funds to hire more employees and facilitate the development of its platform.
TinyTap Hits $100M Valuation After Fresh Funding
TinyTap, an EdTech startup owned by Animoca Brands, raised $8.5 million in the latest funding round, according to Business Insider. Investors participating in the fundraising include Sequoia China, Polygon, Shima Capital, Liberty City Ventures, Kingsway Capital, and GameFi Ventures.
The company plans to use the fresh capital to expand its workforce and invest in product development. The startup’s CEO, Yogev Shelly, reportedly said the new funding takes TinyTap’s valuation to $100 million.
The new round comes less than a year after Animoca Brands acquired an 84% stake in TinyTap for around $39 million. The startup started raising funds for the round in October 2022, closing it in February this year after some investors backed out in the wake of the FTX’s collapse.
What does TinyTap’s Platform Offer?
Founded in 2012 in Tel Aviv, Israel, TinyTap develops for producing user-generated educational content. It has a library of over 250,000 educational games in 24 languages created by teachers and publishers. Shelly said users can access the content by buying individual courses or monthly subscriptions. The company shares some of the revenue with the platform’s content creators.
Since Animoca’s acquisition, the startup has been doubling down on expanding Web3 education. It also began implementing blockchain technology into the platform, adding tokenized content through non-fungible token (NFT) collections. Yat Siu, a co-founder of Animoca, said the addition of NFTs enables teachers to “better generate equity from their work and link up with co-publishers who can handle the promotion of their courses, all while offering students enhanced learning materials.”
Animoca is one of the most prominent investors in the Web3 space today. Backed by Temasek Holdings and True Global Ventures (TGV), the Hong Kong-based venture capital firm launched a $2 billion Web3 fund last year, though that fundraising target was later halved due to the crypto market downturn. The company has invested in more than 300 startups, some of which have achieved immense success in the Web3 and NFT spaces, such as Dapper Labs, OpenSea, and Axie Infinity game creator Sky Mavis, among others.
This article originally appeared on The Tokenist
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