10/12/2014

Second Wales Technology Seed Fund Investment backs pre-school children’s VOD app company set up by BinWeevils co-creator, Myke Crosby

OobEdoO, the new digital Subscription Video-On-Demand (SVOD) service for pre-school children has secured significant equity funding from Finance Wales and a xénos business angel with a passion for online education.

The investment, which is Finance Wales’ second from the £7.5 million Wales Technology Seed Fund, sees it join forces with existing investors, including Welsh language broadcaster, S4C.

Founded in 2014 by BinWeevils’ co-creator, Myke Crosby, OobEdoO is a “digital parenting” app, enabling pre-school children to enjoy their favourite programmes and play pro-development games associated with those programmes in a safe environment. OobEdoO’s unique in-app digital parenting features allow parents and carers to shape their child’s experience and also offer online developmental feedback about progress and achievements.

OobEdoO already includes some of the favourite names from the world of children’s programming, including Angelina Ballerina, Ben and Holly’s Little Kingdom, Bob the Builder, Cyw, Fireman Sam, Humf, In The Night Garden, Pingu, Teletubbies, Thomas and Friends, Timmy Time and Tractor Tom.

Its management team has a wealth of children’s broadcasting and digital entertainment experience, from BBC, through, Fox, Disney, BinWeevils, and S4C.

The company, which is headquartered in Wales, will use the investment to acquire and create new content, expand its services, build brand engagement and increase subscriber numbers.

“We’re focusing our efforts on building a caring yet exciting brand that appeals to pre-school kids, their parents and carers.  This investment will enable us to boost the range of content we can offer which is crucial to our company’s future development.

“We’re pleased to welcome Finance Wales and our xénos investor to the OobEdoO family.  While the investment is important to us, we also want to take advantage of the valuable expertise and knowledge that they can bring to our business,” explained OobEdoO’s founder, Myke Crosby.

This is the first co-investment by a xénos business angel and the recently launched Wales Technology Seed Fund, enabling OobEdoO to benefit of both angel and institutional investors working together.

Richard Hadden, a Finance Wales’ Deputy Fund Manager who manages the Wales Technology Seed Fund said: “Myke and his team have a wealth of experience creating entertaining children’s content for a range of channels.  They established OobEdoO earlier this year to pursue their exciting vision of a subscription video-on-demand platform for children’s programming on mobile devices. The platform will be one of the first in the pre-school market and our investment is providing them with the backing they need at a critical point.  It will allow them to increase the content available on their platform, boost their marketing and increase their commercial traction.”

Commenting on the investment, xénos Manager, David Maas said: “OobEdoO’s potential convinced a xénos investor with a passion for online education to invest in the company.  Its innovative platform combines technology and creativity.  This is the first time a xénos angel has co-invested with Finance Wales in a Wales Technology Seed Fund investment.  The company’s management team will be able to benefit from having both an angel investor and institutional investor on board as they build the business.”

The games and activities on OobEdoO have been carefully designed in line with the Government’s Early Years’ Foundation Stage to encourage ‘learning through play’ using the latest touchscreen technology on Tablets or Smartphones.