Hackney-based childcare app Koru Kids has secured £10m in funding.
The firm has created an app which allows parents to find, organise and pay trained and vetted childcare.
Launched in 2016 by CEO Rachel Carrell, a former McKinsey & Company consultant, the firm works as a middleman for childcare organisation, listing a small number of local ‘nannies’ which the firm has selected and approved.
The app also takes care of payment, as well as payroll, taxes and national insurance and allows parents to use childcare as much or as little as they need, a cost-saving model compared to a full-time, committed child carer.
It also offers families the ability to share a nanny, which is also designed to bring down costs, while the firm makes its revenue on a per-hour commission basis.
“Each family pays less; the nanny gets paid more because it’s more of a job, and the kids get to spend time together after school,” said Carrell in an interview with the Evening Standard.
Child carers selected by the firm receive training and are given a communication portal via the app to keep in contact with parents.
The funding round was led by European VC firm Atomico, previously an investor in Skype, Habiot, and Viagogo. Following the funding, Atomico partner Niall Wass will join the firm’s board.
“Our nanny is so competent, it’s incredible. I come home at 6:30pm and the kids are fed, homework is done, they’ve showered and brushed their teeth, and they’re usually playing. I couldn’t ask for more,” said Koru Kids user and parent Julia on the firm’s website.
To date the tech-powered childcare firm has raised a total of £14.1m in funding over 4 rounds, the latest following a £3.5m raise from London VCs and angel investors in May 2018.