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Fairy tale startup Readmio is building its strong position on the European market and plans to enter Latin America.
Changing the previously familiar way of reading fairy tales to children, startup Readmio is successfully gaining more and more recognition from parents. Using artificial intelligence and a speech recognition system, the app brings the stories read by parents to life, taking children to the magical world of Cinderella, Winnie the Pooh and other characters featured in the several hundred fairy tales offered by Readmio. The Czech startup's solution is already used by more than 400,000 parents in Poland, the Czech Republic, the UK and Germany, among others, who have already read more than 4 million fairy tales to their children through the app. After a very good reception in Europe, Readmio plans to enter markets in Latin America in the coming months and double the number of users.
Who among us hasn't kept his fingers crossed for Little Red Riding Hood escaping from the wolf, or hasn't wondered what adventures await Winnie the Pooh traversing the hundred-mile forest. We have had to deal with fairy tales from an early age, and even in adulthood some of us, while relaxing, like to delve into the world of the Lion King or move to the magical Land of Ice. Reading to children not only supports the development of their creativity and imagination, but also teaches them social principles and values. It is part of their upbringing and development, while allowing them to build a closer bond with their parents. Fairy tales are also a key tool for expanding the vocabulary of young minds. A study by researchers at Ohio State University, published in the Journal of Developmental and Behavioral Pediatrics, found that children who read five books a day at age five were exposed to as many as 1.4 million more words than their peers who were not read to at all. Polish parents are keenly aware of this fact, as shown by a survey conducted by Empik, according to which 70% of children under the age of five were exposed to books every day, and another 20% reached for books together with their parents several times a week. These positive results show how important it is for Poles to read together with their kids.
Technological advances are helping to make reading fairy tales even more educational and developmental. The Readmio application, which is present on the Polish market and uses artificial intelligence and a speech recognition system, transforms stories into unusual and engaging stories. It monitors the current section of the story being read by the parent, enriching the story with appropriate sound effects, which further stimulates the child's imagination, facilitates proper understanding of the story and guarantees a great experience at the same time. Readmio, which operates on a subscription model, offers parents access to nearly 130 stories in Polish, while constantly expanding its database. In addition, the app offers a number of additional features, such as a summary of the moral offered by the story, along with topics for discussion with the child, and the ability to pre-record the story being read, so that the daily educational routine is not abandoned in the absence of parents. Present in markets in Poland, the Czech Republic, Slovakia, Germany, Italy and the UK, Readmio has already amassed more than 400,000 users, and plans to double that number in the coming months by entering Spanish-speaking markets in Europe and Latin America. The idea to create Readmio was quite natural and came about in the course of our parenting. We wanted to provide our children with a unique experience while reading together, and thus support their development. This year's entry into the Polish market was especially important to us because of the proximity of our cultures and values. Readmio's advantage is the customization of each fairy tale in our app for all the language versions offered, so Polish readers can get to know iconic stories by foreign authors and vice versa. Since our debut on the Polish market in April this year, we have already managed to attract more than 21,000 users. - explains Jozef Šimko, CEO of Readmio. The quality of the tales available on our app is a top priority for us. A large number of them are developed by our specialists and go through numerous verification processes. In addition, we always try to provide a local cultural element, so we make sure that favorite fairy tales known there for generations are available in each country. In the Polish version of the app, we have stories such as those about Mr. Twardowski or the Wawel Dragon, as well as the world's most famous titles, such as the tales of the Grimm Brothers and Hans Christian Andersen. - adds Šimko
The EdTech market in which Readmio operates is characterized by extraordinary potential and growth momentum. According to the "Education Technology Market Size, Share & Trends Analysis Report" published by Grand View Research, it reached $123 billion in 2022, and forecasts point to its continued dynamic growth, with a projected compound annual growth rate (CAGR) as high as 16.1%. The report's authors estimate that it will reach $348 billion by 2030, underscoring its growing importance and potential. Edtech’s long-term value within the Venture Capital industry and fund investment strategies is projected to experience steady growth in the upcoming decade. VC funds have invested more than $10 billion in emerging startups in the Edtech sector, and education startups have maintained an impressive CAGR of 17% over the past 10 years. This demonstrates the continued strength and growth prospects of the education technology sector, both vertically and horizontally. At Zero One Hundred, we also see this huge potential, which led us to invest in Readmio. This is mainly due to Readmio's ability to effectively connect the education, entertainment, and learning of children alongside technology. - comments Adam Ďurica, Investment Manager at Zero One Hundred. The market's potential is confirmed by the growth of the startup Readmio, which has seen revenue growth of 280% in the last 12 months alone, further confirming the value of the app as seen by its current and new users. With the help of Readmio, they have already read more than 4 million fairy tales to their children, which has translated into more than 490,000 hours of shared travel through fairy tale worlds. The app is a vital part of their family life, integrating reading and technology in a way that benefits both children and their parents.
The modern world and the inevitable impact of smartphones on children's lives is causing concern about the quality of time children spend with their parents. Apps such as Readmio perfectly combine the tradition of reading with modern tools to create unique experiences, as evidenced by the interest the Czech company enjoys. Recognizing the growing interest, we are busily preparing to expand into new markets in Europe and Latin America. We are working to tailor content to the needs of the countries in question, and at the same time we are working to close the next round of financing, which will accelerate our expansion both in Latin America and in other parts of the world. - comments Jozef Šimko, CEO of Readmio. As we can observe, properly developed technology, as well as its intelligent application, has a positive impact on children's ability to maintain concentration and attention, while creating valuable interactions between parents and children.
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