What we do
The EIF in 2020
Coronavirus: The EIB Group’s initiatives to address its economic consequences
Pan-European Guarantee Fund – EGF
Institutional investors
Equity products
AI Co-Investment Facility
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
VentureEU
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Croatian Growth Investment Programme (CROGIP)
AGRI Italy Platform Uncapped Guarantee Instrument
DISPOSITIF INSTRUMENTS FINANCIERS BOURGOGNE FRANCHE-COMTÉ
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
EstFund
FOSTER TPE-PME Occitanie
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
JEREMIE
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)

99Math: maths, gaming and sports rolled into one

image

“If you have to go to school for 6 hours a day, why should you not enjoy it?” asks Timo Timmi, the 20-year old co-founder of 99Math, an Estonian e-learning maths platform built on the principle of something far more entertaining: gaming.

 “As a student, maths is traditionally a very boring subject. When we spoke to maths teachers and parents, the struggle was apparent for them too: where there is a lack of motivation, learning is always a struggle”. 99Math offers a platform for teachers, students and parents alike to practise their math skills in a fun and engaging way. Teachers can assign homework & receive data on results, while students can play with their friends competitively both at school and at home.

Aged just 17, Timo and his friends founded a student company, selling coffee in tea bags. This endeavour brought him across the path of Tõnis Kusmin, serial Ed-Tech entrepreneur, and the rest is history. “Estonia is one of the best places in the world to be a start-up founder” says Timo, “we have huge companies like Skype and Transferwise which started here. The government encourages the ecosystem with entities like Startup Estonia, bureaucracy here is very limited and we’re a mostly digital country”.

Towards the end of 2019, 99Math had initial market traction, but was looking for a strong venture capital team to propel them forward and help scale the business. Enter Change Ventures, an Estonian VC fund backed by the EIF through the Baltic Innovation Fund (BIF), who invested in 99Math in January 2020. “We wanted to choose investors who would be aligned with our vision” says Timo. Shortly after the investment, the world went into lockdown due to the COVID-19 crisis, so how has the company faired? “Lockdown meant that online platforms like 99Math were drastically needed to cope with home schooling needs, and our user numbers jumped by 250%. We needed to react fast in order to optimise the platform for remote learning”. 99Math was able to quickly organise itself and ran a large marketing campaign with ed-techs from Estonia where basic services were offered for free. The story was later picked up by the BBC and the traction didn’t stop there: “I’ll never forget when Shakira re-tweeted one of our projects to her 52 million followers it was a defining moment for us and it propelled 99Math into the Latin American market”.

So what does the future hold for Timo and 99Math? “We really want to nail maths and further fine-tune our product before we start thinking of moving onto other subjects” says Timo, “one thing we’re moving into is global tournaments, very similar to e-gaming ones, where teams of kids go head-to-head online. We have already done a few tournaments with some 30,000 students participating in real time, it generates so much excitement”.

“I’m so glad that I was able to put my three passions together” says Timo, “gaming, sports and maths. “There are so many things in the world that are exciting,” says Timo, “why shouldn’t we revolutionise education so that students have more to look forward to than just the school holidays?”

Company: 99 Math (Tallinn, Estonia)

Type of business: Digital solutions, education

Financial intermediary: Change Ventures

EIF financing: Baltic Innovation Fund - BIF

For further information about EIF intermediaries in Estonia, please refer to:
http://www.eif.org/what_we_do/where/ee

 

We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.

 
 

Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.