Bengaluru-based Magic Crate, an educational startup has raised an undisclosed amount in its third round of pre-series A funding led by Fireside Ventures, a consumer-focused venture capital. Among existing investor’s 3one4 Capital also participated in this round.
The funds raised will be used to develop a new product range, market the brand, along with growing the sales channel.
Magic Crate, an educational startup offers subscription-based services stimulates learning in children at home by engaging them in an inquiry and play programme designed by childhood experts. It was founded by Vishwanathan Ramakrishnan, an IIT-IIM alumnus along with Karthik Lakshman, an ex-McKinsey consultant in 2015.
Magic Crate provides products for children in the age group of 1.5 to 13 years old. These products are entertaining as well as educational for children. The product subscription ranges from 3 months to 12 months based on the relevant learning materials for the children of different ages.
There is a wide range of products provided by Magic Crate including boxes containing activity sets, construction sets, science sets, story sets, etc. These sets enhance the development of a child’s brain during the early phases.
Vishwanathan Ramakrishnan, co-founder & CEO, Magic Crate, said, “Research shows that about 80% of critical brain development happens before the child turns eight. This has a direct correlation with what they are exposed to, during those years. Magic Crate is solving this pain point for millions of busy, but well-intentioned parents.”
It has claimed to have shipped over 5 lakh crates so far and is seeing a growth of 100% year on year. It is also expecting to touch 70,000 shipments in a month by the end of March 2019.
According to a study by a market research firm Technavio, global educational toys market is expected to grow at CAGR of around 10% until 2021. Other players in the same space as Magic Crate include Podsquad, Butterfly Fields, Genius Box, Einstein Box, Flintbox, Robotics Box, among many others.