- Mumbai-based kids activity startup Hobspace raises Rs 1.6 crore (or about $217K) from Artha Ventures Fund and other angel investors.
- Hobspace lists activities along with the age-group, duration, days, and the learnings from the activity and how it shapes up a kid.
Mumbai-based kids-activity startup Hobspace raises $217K (or about Rs 1.6 crore) in its Seed funding round led by Artha Ventures Fund, An early-stage micro-venture capital fund (introduced by Artha Ventures).
Other investors including Angelist Indis Trust LLP (Rs 98 lakh), Abhinav Ashok Kumar Daga (Rs 7.53 lakh), Upsparks LLP (Rs 8.79 lakh), Siddharth Bhaskar Shah (Rs 10 lakh), Ronak Morbia (Rs 10 lakh), and Icebreaker Tech LLP (5 lakh) also pumped in this funding round.
The startup will use this fresh capital to transform under-utilized space in the schools, playgrounds, clubhouses, and community centers for extra-curricular activities for small kids after-school activities.
Kids will also have an option to pick up various activities, including indoor activities, ballet, chess, robotics, etc.
During the COVID-19 lockdown, The startup shifted its more focus to an online-only model and capture into international markets like the USA, Singapore, Nepal, and the United Arab Emirates. Additionally, The startup capitalized on the changing needs of learning both in India and internationally.
Additionally, During the lockdown, Artha Ventures Fund (introduced by Artha Ventures) was actively investing in the children’s activity service market and has cemented its position further by investing in Hobspace.
“At HobSpace, we are transforming out of school activities for kids. Right in our first meeting, we realized the Artha Ventures approach is central to help founders focus on key business metrics,” said Priya Goel (Co-Founder of Hobspace).
“We wanted a great partner who not only understands the space but is also willing to spend enough time with us while we build and scale this exciting business, and who better than Artha Ventures,” She added.
“I have personally invested in this market, and it has vast potential. However, what I like about Hobspace founders, is their focus on unit economics and business viability,” said Anirudh A Damani (Managing Partner at Artha Ventures).
“Even during the Covid-19 pandemic, they have transformed their offline-model into an online model. Now, as the unlock is underway, Hobspace has two distribution channels to reach out to children and parents.” He added.
According to the report by Allied Market Research, The global kids’ entertainment and activity services market is expected to $15.37 billion by the year 2026, growing at a CAGR (Compound annual growth rate) of 8.4% (2019-2026).
About Hobspace – Hobspace is a Mumbai-based kids-activity startup (operated by Eduk8 Learning Labs Pvt. Ltd.) founded in 2019 by Harsh Jain, Priya Goel Seth, and later joined by Bhaskar Raju. HobSpace offers a unique platform for extra-curricular activities both online and offline for kids aged between 3-14 years.
The startup has partnered with schools and specialist trainers to provide training and conduct lessons based on children’s hobbies and sports requirements.