Singapore-headquartered myFirst, a startup selling kids’ smart watches worldwide, plans to raise funds to expand its footprint as it eyes listing in the US.

“We are in the midst of raising $2 million. We have secured around $1.7 million already, hoping to close the funding round soon,” myFirst Executive Director Brian Tan told TNGlobal when met at ComeUp Festival in Seoul. “We want to use the funds for global expansion.”

Started in 2018, the firm selling kids’ smartwatches and other wearables are available in 36 countries with Japan being its largest market, followed by Singapore and South American market, Tan said.

The company’s products are available online and offline with 80 percent of its sales volume came from retail stores, he added.

“There are a lot more countries want us to be there,” Tan said. The company is also considering an initial public offering (IPO) in the US. “We have received invitation already,” Tan said, without elaborating on the timeline.

myFirst is funded by two investors. K-Startup Grand Challenge and EduSpaze are the most recent investors, information from data platform Crunchbase showed. Its LinkedIn page showed the company raised $2.2 million in its seed funding round.

“We are in the midst of raising $2 million. We have secured around $1.7 million already, hoping to close the funding round soon,” myFirst Executive Director Brian Tan (second from left) said.

Global kids smartwatch market to reach $2.64M by 2027

The global kids smartwatch market was valued at $957 million in 2020 and is expected to reach $2.64 billion by the end of 2027, growing at a compound annual growth rate of 15.5 percent from 2021 to 2027.

Global kids smartwatch key players include OKII, Abardeen, Teemo, etc. Global top three manufacturers hold a share of about 25 percent, according to market research firm Proficient Market Insights.

myFirst was conceptualized to bridge the void in kid’s technology where kid’s toys are often limited to physical backdated toys, information from its website showed. The company also said it recognizes the need for kids to engage with technological advancements which helps in their cognitive learning ability.

myFirst said it aims to reinvent the way kids learn – while embracing the technological era. myFirst is designed to act as a gateway to your child’s learning process.

myFirst also said it aims to build a safe and suitable tech ecosystem for kids with fun devices, safe apps and connected services and a kids social platform specially designed for kids, their friends and their family to stay connected, according to its Linkedin page.

Devices include smartwatches, cameras, headphones, smart sketch boards, 3D pens and more to enable kids to do whatever grown-ups do with technology, but with safety and suitability for them, the company said.

Connected services enable kids to message, voice notes, video and voice call to stay connected. Kids can also take and share photos, set reminders, listen to music, track their steps and monitor their heart rate.

Parents, on the other hand, can keep an eye on their kids’ location and geo-fence with advanced GPS, WiFi and GSM for accurate positioning, and connect with them anytime. In case of emergency, an SOS button will alert parents.

Featured photo credits: myFirst’s Linkedin page

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