CozyKin

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CozyKin
Type of site
Private
Area servedMassachusetts and New York
Founder(s)
  • Jeremy Au
  • Tatyana Gubin
IndustryTechnology
Websitecozykin.com
Launched2016; 5 years ago (2016) in Boston, Massachusetts

Cozykin was a mobile and web-based business to consumer and business to business provider for Montessori nanny sharing and childcare services. It was headquartered in Boston and operated across Massachusetts and New York. It was acquired by Higher Ground Education and expanded to more cities in America.

Operations

The company interviewed, screened, and hired child care workers. They stated that only the top five percent of applicants were hired. Nannies went through multiple stages of background checks, interviews and social media reviews.[1] They were vetted and trained in the Montessori method of child caring. Developed by Italian physician Maria Montessori, the Montessori method is a child-centered educational approach based on scientific observations of children. Montessori's method has been used for over 100 years in many parts of the world. The Montessori method views the child as the one who is naturally eager for knowledge and capable of initiating learning in a supportive, thoughtfully prepared learning environment.[2]

Families were matched to one another, so one nanny cared for two families’ children at one of their homes. By sharing a provider, the parents afforded better care than they might on their own. The company also handled the logistics from finances and nanny management to backup care.

The provider received full-time W2 employment, paid time off, health benefits, workers comp insurance and support in negotiating fair contracts. The nannies were grouped into teams that met monthly to share ideas and build community. They received ongoing Montessori-inspired professional development and activity kits.[3]

History

According to the Economic Policy Institute (EPI) in 2020, the average cost of infant care was $20,913 a year in Massachusetts, and was one of the biggest expenses that families face.[4][5] 66% of mothers with children under the age of 6 participated in the workforce in the U.S. according to the U.S. Bureau of Labor Statistics and women made up more than the majority of both doctorate and master degree programs in the U.S.[6] Cozykin was founded in Boston in 2016, by co-founders Jeremy Au and Tatyana Gubin, at the Harvard Innovation Lab. CEO and co-founder Au, had worked many years as a technology entrepreneur and had graduated from Harvard Business School with a Masters of Business Administration. Gubin had earned a Bachelor of Sciences in Mechanical Engineering from MIT. They stated that it was increasingly important to have reliable and enriching childcare for the rising number of dual working parent households. They conducted customer interviews with more than 100 new moms and dads about their first year of parenthood.[7] They focused on building out the nanny share model as a solution to the childcare problem. The company was subsequently registered as Cozykin, Inc. on 27 October 2016.[8]

Pre-Seed

The startup was selected into the Harvard Innovation Lab’s VIP program and the MIT Sandbox program in the fall of 2017.[9] In January 2017, Cozykin won the grand finale of the Harvard Business School’s New Venture Competition, an annual selective student competition sponsored by HBS’s Rock Center for Entrepreneurship and Social Enterprise Initiative. Cozykin won the Satchu-Burgstone $25,000 Prize, as well as the crowd favorite award of $5,000 dollars.

Seed

In 2018, Cozykin completed a seed round of $1.5 million.[7] The round was led by NextView Ventures, a Boston-based seed stage fund and followed by Bessemer Venture Partners, a venture capital firm.[7]

Acquisition

In late-2019, Cozykin was acquired by Higher Ground Education Inc., a global education chain that runs Montessori-inspired education services.[10][7]

In the media

              

References

  1. Aba, Hester (2019-06-20). "CozyKin: Boston's Favorite Nanny-Sharing Service Launches in New York". New York Family | What to do in New York with Kids. Retrieved 2020-05-21.
  2. Ahmadpour, Nooshin; Mujembari, Adis Kraskian (2015-10-09). "The Impact of Montessori Teaching Method on IQ Levels of 5-Year Old Children". Procedia - Social and Behavioral Sciences. 6th World Conference on Psychology, Counseling and Guidance (WCPCG-2015). 205: 122–127. doi:10.1016/j.sbspro.2015.09.037. ISSN 1877-0428.
  3. Partners, Primary Venture (2019-10-07). "CozyKin expands to NY and democratizes quality childcare". Medium. Retrieved 2020-05-29.
  4. "Child care costs in the United States". Economic Policy Institute. Retrieved 2020-05-21.
  5. "CozyKin: A Child Care Startup That Encourages Sharing | Olin College". www.olin.edu. Retrieved 2020-05-21.
  6. "Employment Characteristics" (PDF). U.S. Bureau of Labor Statistics.
  7. 7.0 7.1 7.2 7.3 "Crunchbase: Cozykin". Crunchbase.
  8. "Division of Corporations - Filing". icis.corp.delaware.gov. Retrieved 2020-05-21.
  9. "Meet the 145 Startups in the Harvard Innovation Labs Fall Cohort". www.americaninno.com. Retrieved 2020-05-29.
  10. FinSMEs (2020-03-12). "Higher Ground Education Acquires CozyKin". FinSMEs. Retrieved 2020-05-21.

External links

This article "CozyKin" is from Wikipedia. The list of its authors can be seen in its historical. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace.