With every new generation, there are shifts in consumer behavior and how people go about their lives. We consume information differently, we interact with each other and our surroundings differently, and we entertain ourselves differently. But, when it comes to how we learn in schools, there has been very little change or innovation over the past few generations. We still sit in a classroom, listen to a lecture, and get tested on our ability to memorize facts and concepts. Companies like Chegg, Coursera, and Khan Academy have spun up to evolve how we learn outside the classroom. However, we still are not fixing some of the core issues with how we learn inside the classroom - where most children are going to spend a significant part of their childhood.
With this revelation, we have decided to lead an investment in Legends of Learning, an education-based games platform. In the United States today, 5% of all elementary and middle school students currently use this in their classrooms. We initially met the team in October 2021, and after continuously searching for the right team and vision, we felt that Vadim Polikov, Josh Goldberg, and the entire team were building a company that would change the lives of millions of kids.
Education is an area that the Konvoy team has been interested in for a while. Today’s kids are growing up in a digital world and the current education system isn’t optimized for that transformation. Video games are where most kids are already spending their free time (50% of kids in the US are playing Roblox: Verge). At Konvoy, we have always believed that video games are the most fun, engaging, and relatable way for kids to learn.
Since 1970, education spend per student has increased over 100% while test scores have stayed flat (math scores, reading scores). There clearly needs to be a change in what governments are investing in and we believe that fun, game-based learning is going to be a core tenant of that future. With the new CARES Act ($30b), digital and remote learning are being heavily invested in, with a portion going to “support technological capacity and access - including hardware and software, connectivity, and instructional expertise.” This is a tailwind for companies like Legends of Learning.
Additionally, the premise of educational equity is about creating an environment where every student has the opportunity to learn at their own pace, not forced to accelerate (or decelerate) to meet the average pace of the rest of the class. For example, maybe one student is 2 grades ahead in math (because it comes easy to them) while being simultaneously behind a grade in reading comprehension. Games offer a dynamic learning experience that can be tuned to the student’s understanding of a subject and the speed at which they learn without affecting (or being affected by) other students in the classroom.
We truly believe that Legends of Learning is building the platform where tens of millions of students will learn in the future. They currently have over 2,500 games being developed by over 500 developers. Today, 92% of school districts renew their contracts with Legends of Learning and on average double their contract value each year. It has become such a staple in so many classrooms that as of today, 90% of their growth comes from referrals from other teachers. It’s a product that teachers and students truly love to use and we are excited to back the Legends of Learning team.