Pickatale secured NOK 120 million from Investinor, MP Pensjon and angel investors Reynir Indahl and Christian Sindig
Pickatale, an Oslo, Norway-based company operating a business based on a learning, reading and listening app for children, announced in a press release the completion of a NOK 120M ($13M) capital investment round.
The funding was provided by investors from Norway, including Investinor, MP Pensjon, Investeringsfondet for Nord-Vest Russland og Øst-Europa and angel investors Reynir Indahl (CEO at Summa Equity) and Christian Sinding (who works for EQT as MD). The transaction values Pickatale at approximately NOK 330 million ($36M).
Daniel Holth Larsen from Investinor also joins as a board member of Pickatale.
Pickatale, founded as Wisdom Edition in 2013 and led by CEO Espen Viskjer, has developed a language learning platform based on game technology and a rich content library. The platform offers audio books that are read in different languages by local actors, part of a library of 2,000 children's books, audiobooks, audio games and goodnight stories available in the Norwegian, Swedish, Danish and British markets.
On top of the content, the company has developed services for reading and language training, and to start school, Pickatale will also launch its own school service in several countries.
Pickatale currently has around 80 employees in Macedonia, Poland, China, and Norway, and is established in the Norwegian, Swedish, Danish, Indian and British markets. The company claims to have doubled the number of paying customers within the past three months, with asignificant growth in England.