Koru Kids Raises £10M Series A to Improve the Well-Being of Families With Childcare Platform
- Latest investment, led by Atomico, will be used to continue to grow the sole care and nanny-share services, geographic expansion and hiring
- Atomico Partner Niall Wass will join board
- At the end of the school year, 1,000 Koru Kids nannies picked up children from schools in London
August XXth, 2019 – London – Koru Kids, the platform for finding and managing childcare, today announced a £10M Series A investment to scale the company’s childcare offering, in keeping with the company’s mission to profoundly improve the well-being of families. The round will be used to grow the sole care and nanny-share services, expand the offering with new products & services, expand to new cities and expand their team.
The latest investment is led by Atomico with participation from previous investors AlbionVC, Forward Partners, Samos, JamJar, Global Founders Capital, and 7Percent. That brings the total amount raised by the company to £14.1M. As part of the round, Atomico Partner Niall Wass, who has over 15 years as an executive in early-stage tech-enabled consumer businesses, will join the board.
Koru Kids Founder Rachel Carrell said, “Despite being critical infrastructure for our society, childcare has been overlooked for far too long. We’ve already seen how profoundly our services can improve the well-being of families, as well as older adults and children who have a chance to connect with another generation while working. We’re excited for Atomico to help us scale our vision of building a completely new way of doing childcare so even more families can benefit.”
Koru Kids provides an online platform for finding and managing childcare. Once they match families and nannies, Koru Kids takes care of administration, from contracts to payments and pensions.
Koru Kids selects and trains the top students and older adults in London as nannies, accepting less than 6% of applicants. For students and older adults, the nanny experience gives them a rewarding, flexible part-time (After-School care) or full-time job (Baby & Toddler care). The nannies are given training across first aid, educational philosophies, homework, and how to assess risk and safety around the home. They are trained with a growth mindset, so that they can help children flourish even more during their time together.
Koru Kids makes it easy for families to share nannies – which means having their children and those of another family looked after at the same time by the same nanny. Children get to socialise with others, parents pay less, and nannies earn more.
Childcare is an increasing headache for UK families balancing work and family. Arrangements can be difficult and expensive, as 91% of local authorities in London have significant gaps in the supply of childcare available to their communities and the cost of childcare to families in the UK has outpaced inflation by 2.5x in the last 15 years.
For children, the quality of childcare is even more critical. The foundations of adult mental health are laid down in our earliest years. Inside the brains of children aged under 5, over a million neural connections are made every second. For this reason, it’s often said that ‘the first five years last forever.’
Koru Kids already have thousands of families registered on the platform and over 4,000 nannies trained and referenced. At the end of last school year 1,000 Koru Kids nannies picked up children from schools in London.
Niall Wass, Partner at Atomico, said: “Solving childcare for working parents is painful, time-consuming and expensive. We are backing Rachel and the Koru Kids team to build the digital solution to match families & their kids with top quality, trusted care – making it simpler, safer and cheaper for the family, whilst creating flexible and higher earning opportunities for childcare professionals. We believe in their goal of becoming the most trusted name in childcare.”