Novel Effect Net Worth
Novel Effect is a narration app with sound effects for children’s books. The company has raised $620,000 so far at a $5 million valuation, and as of 2022, the founders have a net worth of $4 million USD.
You can find more information about Novel Effect’s funding and investors on PitchBook.
What is Novel Effect and Who is the founder of Novel Effect?
Novel Effect is a family and children’s application that uses speech recognition technology to bring stories to life. By using the app with a physical book, the story on the page is transferred onto the screen of your phone or tablet. The software can be downloaded from the Apple Store or Google Play.
The app connects sound effects and music to popular children’s books using smartphone technology. As you read a book to your child, the sound effects and music appropriate for the story will play, bringing the story to life.
Matt and Melissa Hammersley are the founders of Novel Effect. Prior to starting Novel Effect, Matt was a patent attorney, and Melissa was a graphic designer who specialized in patent drawings. Melissa currently serves as Novel Effect’s Chief Product Officer, while Matt is the company’s CEO.
Melissa and Matt Hammersley came up with the idea for Novel Effect in 2015 during a baby shower celebration for their unborn child, where a friend read a children’s book in an animated and humorous way with sound effects, captivating the child’s attention and making reading enjoyable.
They thought that if every book could be read in this way, it would encourage more children to read and continue reading as they grow older.
After a few months of contemplation, Matt couldn’t shake the idea of integrating voice recognition into reading. He co-founded the company with Melissa and relocated their small family to Seattle, where they partnered with retail giant Amazon.
They were also the recipients of a unique award that promotes innovative ways to use and enhance Amazon’s voice recognition device, Alexa. Novel Effect is still active as of June 2021.
Novel Effect Shark Tank pitch
During episode 906 of Shark Tank, Matt and Melissa Hammersley pitched their voice-activated storytelling software, Novel Effect, to land a deal with one of the Sharks.
They were seeking $500,000 in exchange for a 10% stake in their $5 million company. They presented their product by telling a story, accompanied by their three children.
Despite impressing the Sharks with their $620,000 raised at a $5 million valuation, the company’s pre-revenue position deterred Mark and Daymond from making a deal.
Lori offered $500,000 for 20% equity, but after some negotiations, Matt countered $500,000 for 12.5% equity and reached a deal with Lori for $500,000 in exchange for 15% equity.
However, the deal with Lori was never finalized. Instead, in 2018, Novel Effect received $3 million in funding from investors including Amazon, Alpha Edison, TenOneTen Ventures, and Waverley Capital. In 2019, they launched the Android version of their app and raised an additional $1.2 million.
They also partnered with the Jim Henson Company in December 2020 to create soundtracks for their Muppet-themed works and to launch voice-activated television shows.
As of February 2022, Novel Effect is still operating and has grown to $4 million in yearly revenue.
Competitors of Novel Effect
SPEEREO, Advanced Media, Bhrigus, and ELSA are among Novel Effect’s primary competitors. Novel Effect creates an application that utilizes speech recognition to accompany the user while they read aloud a book, activating theme music and sounds. SPEEREO is a voice recognition technology developer.
Net Worth of Novel Effect
The company valuation was $5 million during the pitch. Since then the company is still in business and hence the company net worth might be more than that of pitch.
Novel Effect FAQs
What is Novel Effect?
Novel Effect is children’s and family application that uses voice-activated storytelling software.
Who is the founder?
Matt Hammersley is the founder of Novel Effect. He was a patent attorney before founding Novel Effect. Melissa Hammersley, who served as the firm’s Chief Technology Officer, has been listed as a partner of the company based on her contributions to its growth and development.
How much were they seeking on Shark Tank?
They were seeking for $500,000 for 10% of the company, which would be worth $5 million.
What happened to the deal?
They had a deal with Lori for $500,000 in exchange for 15% equity shares of the company.
Is Novel Effect still in business?
Yes, they are still in business as of February 2022.
How much did they earn in revenue?
The company earns $4 million in revenue.
What is the business model of Novel Effect?
Novel Effect earns money through advertisement as well as product sales.
What inspired Novel Effect?
While attending a gathering of close friends to celebrate their unborn child’s baby shower, Matt and Melissa Hammersley had an epiphany. A friend was reading a children’s book in a humorous, energetic manner, complete with sound effects, which captured the youngster’s attention and had the child greatly enjoying him.
What is included with the complimentary plan?
Free Novel Effect provides story effects for an expanding collection of children’s picture books handpicked for teachers, librarians, children, and families. Each month, they’ll have unrestricted access to narrative effects for books listed as “free reads” and limited access to story effects for other books.
“Free reading” is always accessible for their enjoyment. On the book’s cover, look for the “free reads” banner, or search for “free” in the app.
What does the premium plan include?
The Novel Effect Premium subscription is designed for parents and individual instructors. It includes unrestricted access to their growing library of narrative effects for popular picture books, hundreds of in-app eBooks, and special content.
Are teachers eligible for discounts?
Yes! Indeed, teachers and other independent educators receive roughly 30% off their standard programs. Additionally, if users convince their school to acquire a Classroom or a Whole School membership to Novel Effect within 60 days, we will reimburse the cost of their subscription.
Do you accept orders for purchases?
Absolutely! To get a quote, simply navigate to Pass Quote – Novel Effect. Then, provide them a copy of the authorized purchase order, and they will establish access while the payment is processed.
How do I do when password has been forgotten?
To reset the password, navigate to the email login screen in the Novel Effect app and press the link. Following the submission of the email address, users will receive an email with more instructions.
If users do not see the email, please check the spam folder or contact Novel Effect customer service at [email protected]
How do i implement the novel effect on picture books?
In the app, locate their book, press print, and set the device away. When the start bell sounds, Novel Effect is prepared to follow along as subscribers read aloud from the print book. Their innovative speech recognition technology adapts to their unique reading style by tracking their pace and tone of voice. Take pleasure in seeing the youngsters grin with happiness!
What is the net worth of Matt Hammersley?
The net worth of Matt Hammersley is unknown.
What is the net worth of Mellissa Hammersley?
The net worth of Melissa Hammersley is $800,000.
