Classting, a South Korean education technology and social media management firm that aims to provide individualized learning in all schools, has secured $4 million in investment from Mistletoe, a venture capital firm owned by billionaire investor Taizo Son, brother of SoftBank founder Masayoshi Son.
Classting also raised about $2.5 million from Korea Development Bank (KDB), attracting a total investment of $6.5 million that should fuel its Asian expansion.
Founded by Dave Cho and Jaesang Yoo in 2012, Classting operates a social-based adaptive learning platform that aspires to solve an important problem that has existed for more than a century – congested classrooms.
“One teacher cannot effectively teach more than 20 students in the classroom. Our vision is to provide individualized learning in all schools,” Classting said. This vision has so far raised over $12 million in funding from five rounds.
The company claims more than half of Korean teachers, students, and parents are using its platform. It is rapidly growing, with more than 4.5 million users in 15,400 schools and educational institutions around the world.
“Based on this investment, Classting is accelerating the development of personalized education services using advanced technologies, such as Big Data and AI, as well as expanding its Asian business,” it added.
Mistletoe operates both as a venture capital firm and an accelerator and incubator. Its founder, Taizo Son, is known as the founder of GungHo, Japan’s largest online game company.
In particular, Mistletoe is actively investing in companies that solve educational problems in Asia and innovate public education. Together with its investment, Mistletoe will also support Classting in Japan and Asia.
“The partnership with Mistletoe will be a tremendous help in achieving our goal of improving and innovating education… we will continue efforts to create a more pleasant learning environment and a more reasonable education market as an edutech company in Asia and beyond,” Classting CEO Cho Hyun-gu said.