SPEAKABOOS, the New York-based developer of an app that aims to turn “screen time into reading time” for kids ages 2 to 6, has closed a $12.5 million Series B-1 round. This round follows a $6.5 million Series B in 2014 and a $6 million Series A in 2012. To date, Speakaboos has raised $25 million.
This latest investment was led by Wellington Management Company, LLP; the funds will go towards supporting global marketing and customer acquisition—beginning with a television commercial, “Screen Time.” Forbes’ 30 Under 30 for Venture Capital, Rami Rahal of Blue Cloud Ventures, has joined the company's board.
After three fundraising rounds, the list of Speakaboos investors include Advancit Capital, Kyowon Group (the largest education company in Korea), Rick Segal (managing partner of ReThink Education), Deborah Quazzo (co-founder of GSV Advisors), Betty Cohen (founding president of Cartoon Network), Gerald Hughes (former president & COO of Houghton Mifflin Harcourt); Helena Wong (former president of international for Rosetta Stone); and Dave Pottruck (chairman of HighTower Advisors).
Speakaboos was founded in 2008 and currently offers 200 interactive storybooks and songs that are powered by features such as illustrations, offline access, support for different reading levels, narration, word highlighting, animation and assessments.
Kids can sort by bedtime stories, nursery rhymes, dinosaurs, princesses, and popular characters to find their favorite stories. Subscription costs $7.99 per month or $69.99 per year.