Hiveclass is a New York-based edtech platform that offers virtual physical education classes for kids. The project recently raised $1.5 million in funding. The platform offers classes in fitness, sports, dance, yoga, nutrition, and mindfulness for students ages K-12. There’s even a self-defense course.
Post-pandemic need and the importance of the platform
As schools moved to remote learning during the COVID-19 pandemic, parents were forced to think about how to keep their children physically active. Joe Titus and Paul Suhr created the Hiveclass platform to solve this problem. But even after the pandemic, the demand for the platform remains high.
Today, children’s interest in physical education classes in schools has decreased. Many students try to avoid these classes due to the competitive and sometimes hostile environment. Also, many parents across the United States are struggling to spend a lot of money on children’s sports. According to Titus: “As a father in New York, I was shocked by the unfairness of sports costs. I wondered how low-income families were taking advantage of these opportunities.”
Funding Breakdown and Platform Benefits
Hiveclass recently raised $1.5 million in seed funding to further develop its services. The funding will be used to:
Develop the product;
Improve the teacher portal, which allows teachers to track student progress;
Develop new services for students with special needs.
Hiveclass offers its services through public schools and libraries, rather than directly to parents. The platform teaches children skills such as how to dribble a basketball through short video lessons. The videos include written tests that keep students engaged.
The teacher portal allows students to track each student’s progress. Another benefit is that students can earn credits for extracurricular physical education through Hiveclass.
Competition and Market Position
Hiveclass, unlike other edtech platforms, is focused on physical education and a healthy lifestyle. The company claims to be compliant with the SHAPE America national standards for physical education in the United States. Its main competitor, PLT4M, is also a member of this organization.
Hiveclass currently works with more than 80 educational institutions and has more than 13,000 students and teachers on the platform. The company does not publicly disclose pricing, as it is determined based on customer needs and requirements. However, the company has reported that it has generated more than $2 million in revenue so far and plans to generate another $1 million in revenue next month.
Fundraising and Future Plans
Hiveclass’s current round of funding was led by Spring Mountain Capital. Other investors include Georgetown Angel Investor Network (GAIN), New York State Venture Fund, Rethink Education, and Techstars. With this new investment, the company’s total funding has exceeded $3 million.
The company plans to further improve the product and explore new revenue streams. Titus said that Hiveclass is also looking to generate additional revenue through licensing agreements.
Hiveclass has been an important solution for children and parents during the pandemic, and now has a solid place in the education ecosystem. The company aims to partner with more educational institutions and contribute to the development of a healthy and active lifestyle for a new generation of children.
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