Readmio, a Prague-based startup app that creates sound effects for spoken fairy tales, has received a €500,000 investment from Polish investment fund Simpact Ventures. The fund announced on its Linkedin page.

About Readmio

  • Founded in 2020, Readmio aims to find a new approach to reading fairy tales. It uses a voice recognition system and sound effects to engage children in fairy tales while limiting screen time.

  • The app monitors the reader's voice and enhances the story by adding sound effects at particular moments. Interestingly, the app is not AI-based, which goes against current trends.

  • Readmio focuses on the sense of hearing to support imagination and limit screen time. The app includes 500 pre-loaded fairy tales, a quiz module, and a recording feature for parents.

  • The application is currently available in 100 countries, including the US, Brazil, Germany, and Italy. It is expected to launch in Asian countries this year.

“Simpact Ventures is a partner whose values ​​perfectly align with our mission. Just like us, they strive to make a positive difference in the world, focusing on creating value for society. At Readmio, we want to connect people and build a better world for children and families through the art of storytelling. We are happy that we will now be able to pursue these goals together,” says Ilya Novodvorskiy, co-founder and head of development at Readmio.

Investment details

  • The round was led by Polish venture fund Simpact Ventures, the first VC investment fund in Poland based on the idea of Impact Investing.

  • According to the firm, their investments provide not only capital but also ensure that the projects they invest in meet the criteria of positively changing the world.

“Research clearly shows how much influence regular reading aloud has on children's linguistic and cognitive development. We are glad that we can support a project that not only focuses on education, but also responds to contemporary challenges, ensuring healthy development of children in the digital world,”  says Krzysztof Grochowski, partner of Simpact Ventures.

Readmio plans to use the funds to expand internationally, strengthen its position in the Polish market, and develop new products. The company also aims to achieve €1 million in annual revenue by 2025.