TinyTap is a Tel Aviv-based EdTech(Education Technology) firm and a subsidiary of Animoca Brands that builds an open education system on blockchain. TinyTap is the world’s largest library by teachers and provides a code-free platform that empowers educators to create and share interactive educational content and in return receive a revenue share when learners use that content. Creators can create TinyTap content or activities through their Ipads or TinyTap’s online website. TinyTap application is available in a variety of devices including IOS, Android or their webapp platform.
TinyTap currently has over 9.2 million family members signed up on its platform. This enables parents and teachers to help their children lean from more than 250K interactive lessons and educational games created by teachers and publishers such as Oxford University Press, The Learning Company and Sesame Street among others. The firm’s content is currently tailored and aimed at young learners from stages between pre-kindergarten and Grade 6. However, the firm is working towards expanding its offerings to learners of all stages and ages.
TinyTap has recently secured $8.5 million in an undisclosed funding round . The funding round was backed by several venture capitals including the China-based Sequoia Capital, Shima Capital, Polygon, Liberty City Ventures, Kingsway Capital Game Ventures. The proceeds from this funding round will be used in facilitating staff expansion and product development.
TinyTap was founded back in 2012 but was acquired last year by Animoca Brands. Since then, the project commenced doubling down on its web3 efforts. The acquisition led Animoca Brands to pay $38.8 million in June last year for a 80.45% stake in TinyTap. Immediately after the acquisition, TinyTap began incorporating blockchain technology into its products for instance the tokenization of its content with NFTs(Non-Fungible Tokens).
According to Yat Siu, Animoca Brands co-founder, NFTs make it possible for teachers to better generate equity from their work and link up with co-publishers who can handle the promotion of their courses and at the same time offer students enhanced learning materials. Mr. Siu also noted that teachers and educators are among the most important content creators in the society but their wages do not reflect their importance in the society.
With the looming recession, investors have pulled back on technology investments. Higher interest rates in the sector and the collapse of several banks affiliated to the sector has slowed down investments into the sector as investors fear their exposure to high risks if they choose to invest. This was evident in the last year where the firms financing round took longer than expected because of the prevailing crypto winter at that time.
Yogev Shelly is the co-founder and CEO of TinyTap. Shelly revealed that in the last year, some companies which had committed to invest in he firm had to fold amid uncertainty of the crypto markets at that time adding that the firm achieved success in the PublisherNFT Auction whereTinyTap sold 80% ownership of its 12 courses in exchange for 243 ETH , an undertaking that doubled the firm’s revenue in 2022. Consequently the firm experienced an over-subscription as investors took notice of their success.
