TinyTap, division of Animoca Brands raised $8.5 M to grow its Web3 education business
Education technology company TinyTap, a division of Hong Kong-based gaming company Animoca Brands, revealed that it had raised $8.5 million.
According to a statement from TinyTap, the funding was provided by a number of investors, including Sequoia China, Liberty City Ventures, Kingsway Capital, Shima Capital, Polygon, and GameFi Ventures.
The funding, per the statement, will support TinyTap’s corporate growth and quicken the edtech industry’s development.
With the investment, TinyTap will be able to develop its popular Web2 platform—which already has over 9.2 million registered users—into an alternative Web3 educational system that better values teachers by increasing the earning opportunities available to them and enables parents, communities, and other stakeholders to support and promote their preferred educational materials.
In 2022, TinyTap successfully conducted two auctions of Publisher non-fungible tokens (NFTs), raising 243 ETH (roughly $352,000 at the time of the auctions) and launching its Web3 strategy.
TinyTap has developed the Publisher NFTs concept to better empower, compensate, and motivate publishers and creators of educational content.
One TinyTap Course is a curated collection of educational games created on the TinyTap platform by one teacher in one particular subject, and each Publisher NFT represents co-publishing rights to one TinyTap Course.
The Course authors receive a portion of the sales revenue from these NFTs, and the NFT purchasers act as co-publishers.
The purchasers receive a portion of the profits made from the co-publishing efforts in exchange for promoting and marketing the associated Courses.
A library of educational games with more than 250,000 activities created by educators and publishers like Sesame Street and Oxford University Press, TinyTap was established in 2012.
Parents can access games as part of their TinyTap subscription or buy bundles of games directly from TinyTap for their families. Games are created using the code-free authoring platform of TinyTap.
Based on the amount of user engagement their content generates, content creators receive a share of subscription revenue.
With a focus on young learners (Pre-K to Grade 6), TinyTap is one of the top 10 grossing kids apps globally, providing educational content to families in the United States, Canada, Europe, and the Arab world. It serves 9.2 million registered family members with content made by over 100,000 creators.
