Skillmatics, a full-stack direct-to-consumer (D2C) brand for educational products and games for children, has raised $16 million in its latest funding round from Sofina Ventures.
The round also saw participation from existing investors Sequoia Capital India and Jalaj Dani Family Office.
The startup plans to use the funds to strengthen its presence in the US market, expand the brand’s product offering across new-age groups and product categories, expand its presence in new international markets such as Japan and Australia, and make strategic acquisitions.
The Mumbai-based Skillmatics was founded in 2017 by Dhvanil Sheth and Devanshi Kejriwal, Its products focus on reading, logical reasoning, STEM, and social-emotional skills in children through games.
The company operates in the $100 billion global toys and games market.
“We are expanding our footprint in the US market. We are looking to hire more talent for the marketing team… India has a lot of advantages in terms of talent and manufacturing but, given that we are a US-First brand, we are planning to expand further,” said, Dhvanil Sheth, founder, and CEO of Skillmatics.
The company has launched new product lines this year including Guess in 10, Write & Wipe Activity Mats and Found It. It sells its products globally through online marketplaces, its own website, and offline retailers such as Walmart, Target and Hamleys.
The company’s main focus will be on offline operations in the US market, Dhvanil said, adding that the startup is also hiring a top sales head for its US operations.
“As a company that operates at the crossroads of consumer brand building, education and sustainability, Skillmatics’ mission resonates with several of Sofina’s investment priorities and we look forward to partnering with them in their growth journey”, said, Tanya Sen, principal, Sofina Ventures.
Since its inception, the company is currently present in 15 countries and has sold over 5 million products.
About 75% of the company’s total sales come from the US market, about 15% from India, and the rest from countries such as Europe, Japan, France, and Australia. In June 2021, Skillmatics had raised $6 million (about Rs 44 crore) in its Series A funding round from Sequoia Capital India.
Skillmatics is a full-stack direct-to-consumer brand that develops innovative educational products and games that build core skills in children through systematic play. Skillmatics is building a new-age business model to disrupt a $100 billion global industry. They sell directly to consumers globally while leveraging India’s structural advantages in manufacturing, product design, technology, and content creation. They adopt a data-driven approach to product development and have built a vertically integrated supply chain that allows us rapidly iterate, launch and scale new products 5X faster than traditional incumbents.
Skillmatics has raised USD 8 Million from marquee investors led by Sequoia Capital. Skillmatics has offices in California and Mumbai. Skillmatics has sold 3 million units globally till date through various e-commerce marketplaces and an international network of 15,000+ retail stores (including Walmart & Target), with a primary focus on the North American market.
Their bestselling product recently hit the No 1 Rank in the Toy & Game category on Amazon USA. Skillmatics was awarded the Global SMB of the Year by Amazon in 2021, secured Rank 16 in the Financial Times List of 500 Fastest Growing Companies in the Asia Pacific, and Rank 5 in the Economic Times List of 150 Fastest Growing Companies in India.