Portuguese edtech startup Magikbee announces new funding round of $250k

Portugal-based startup Magikbee announces 17th September that it has secured a further $250K round of funding that will help the company to continue to develop its EdTech portfolio.

Magikbee has the ambition to become an important player in the interactive phygital toys/games market.

Its proprietary patented technology enables a series of smart toys that introduces a special type of AR where physical toys interact with iPad near the screen, creating a seamless experience between the physical and the digital play.

The physical toys don’t use any electronic component inside, only Magik magnets are used to create a magical & fun experience. The result toys are all made of natural wood and do not require batteries, internet connection or device pairing.

The project was born because as parents of very young kids, the founders were tired to see their houses full of toys and their kids only cared about the iPad. They realised it was happening the same with other parents.

Founders, Hugo and Pedro, combined the University background in research and their parent experience and started testing concepts that merged physical and digital play to bridge the gap.

Over the past two years, the company has introduced a number of innovative technologies in the education segment, including Magik Play, a set of interactive building blocks that synch with the iPad, and a video streaming app for preschoolers called kiddZtube.

In addition, building on the same technology found in Magik Play, the company recently launched Magik Book – a paper catalogue that links to a tablet, with digital content synchronised to each page. The funds raised will be used to roll out an SaaS platform for Magik Book, aimed at small businesses looking to use this technology as a marketing tool. At the same time, the company intends to further expand the content and customer features of its video app, kiddZtube.

The latest round values the company at $3.3 million and is funded by Portuguese angel investor Ideias Glaciares, which also led the first round, Bluemind Investments and a private investor, James Fitzgerald, Global Vice-President of Silicon Valley-based cloud services company ServiceNow.
James, who will join Magikbee’s Board, successfully led ServiceNow’s expansion in Asia and has years of international experience across the globe that will be critical to Magikbee’s growth.

“We are delighted to have investors that share our vision and our passion.
This round represents an important milestone in the company’s strategy, allowing us to expand the team, strengthen the product offering and test
the market with some new products,” explains Hugo Ribeiro, Magikbee CEO.