TinyTap, a subsidiary of Animoca Brands, has successfully closed an $8.5 million funding round. The platform offers an interactive learning experience for children, allowing them to create and play educational games. With the new funding, TinyTap aims to further enhance its educational tools and expand its reach to more users around the world.
TinyTap Lands $8.5 Million Fundraising Round to Boost Product Development
TinyTap, the education-based game creation startup, has successfully raised $8.5 million in a funding round led by Sequoia Capital, Liberty City Ventures, Shima Capital, and Kingsway Capital. The Tel Aviv-based company, which is a subsidiary of the blockchain gaming platform Animoca Brands, plans to use the funds to accelerate product development and hire additional staff.
According to Yogev Shelly, co-founder of TinyTap, the firm was set to secure funding last year, but the cryptocurrency market’s uncertainty hindered the effort. Nonetheless, the company started the funding process in October, reaching 80% of its target amount within a month. Still, the round took a bit longer to close after some significant investors who had soft committed for a significant portion of the funding had to fold due to fallout and increased uncertainty.
As a result, the company decided to diversify its funding by introducing NFTs. TinyTap began offering Publisher non-fungible tokens late last year, allowing users to purchase rights to learning materials created on the platform.
Animoca Brands co-founder Yat Siu believes TinyTap’s move into the blockchain space has several opportunities for teachers and educators, who are the platform’s primary customers. He is excited about the prospects that Web3 presents in the world of education.
As for TinyTap, they plan to use the funds to expand their team and enhance product development. With the successful fundraising round, expectations for the startup are incredibly high, and as an education-based gaming company, TinyTap aims to position themselves as a market leader in the edtech industry.
In conclusion, TinyTap has received a significant funding injection that they will use to speed up their innovation and expand their reach. Expectations for the company are particularly high, and with plans to incorporate Web3 technologies in their operations, it will be fascinating to see how they use the new funds to build on their existing offerings.
### Title Options:
1. TinyTap Raises $8.5 Million to Accelerate Product Development and Recruit New Hires
2. TinyTap’s $8.5 Million Fundraising Round to Boost Innovation and Position in Edtech Industry