We’re happy to announce that our family angel program (we will back 50+ entrepreneurs and donate 100% of all gains to charity; details here) has invested in Zoobean and their product Beanstack. It is our ninth investment so far (portfolio is here).
Founders Felix Lloyd and Jordan Lloyd Bookey have created an incredible reading product and content management system, an idea that started within their family.
You may recognize the company and the founders, as they were on Shark Tank and received an investment from Mark Cuban.
Since then, the company has sold their product to over 1,000 schools, libraries and corporations. Revenues have grown, and the company is close to profitability.
The product offers an impressive content management system and tracking data for the buying entity. For the reader, the platform offers motivating reading challenges and incentives.
Most important, the usage data are extremely impressive. Reading is critical for children. Those who read 20 minutes a day tend to be in the 90th percentile for state test scores. So many teachers have told me: One of the most important thing parents can do is read to their young children every day.
In addition, we really enjoyed connecting with Felix. He is truly passionate about what they are doing. At one point, he won the Teacher of the Year Award in Washington D.C.
We are excited to see what Zoobean does next, and they’ll have some great news to share soon!
Thank you, Felix, for letting us invest!