Deal Digest: Korean edtech firm Ringle, Pak online pharmacy Dawaai nab funding

South Korean edtech startup Ringle has raised $18 million in Series A funding while Pakistan’s largest online pharmacy Dawaai has closed its $8.5-million venture round.

Korea’s edtech firm Ringle raises $18m Series A

Ringle, a South Korean provider of one-on-one English tutoring, has raised a total of $18 million in Series A funding led by Must Asset Management.

The company raised $9 million as part of the round in late March and has closed the round with a total amount of $18 million, Ringle said in a statement on Thursday. The edtech startup is valued at $90 million.

One-asset management, Xoloninvest, MoCA Ventures also joined the round. Over 90% of the funding came from existing investors, Ringle said.

Ringle will use the proceeds to develop original educational content and grow teams at its headquarters in Seoul, Korea and San Mateo, California. The company is also keen to diversify revenue sources by providing a subscription option to access premium content, it added.

Founded in 2015, Ringle provides one-on-one video lessons with native-speaking tutors from prestigious universities in English-speaking countries. Using AI-based analytics, the service also provides a comprehensive data-based feedback report on students’ speech pace, vocabulary, and expression range.

Pakistan’s Dawaai closes $8.5m round led by 500 Startups

Dawaai, Pakistan’s largest online pharmacy, has closed its $8.5-million funding round led by 500 Startups. The round saw participation from Sarmayacar and notable family offices.

Other investors in Dawaai include Kingsway Capital, Crimson Seed Capital, Mentors Fund, and strategic angels including unicorn founders, and investment bankers, the company said in a statement on Monday.

The round brings the total financing raised by Dawaai to date to $10.5 million.

The funds will be used for building pharma supply chain infrastructure and for investing in the technology platform.

Founded in  2014,  Dawaai offers telehealth, a network of nurses and physiotherapists and lab testing services.

So far, Dawaai has served 11 million people all over Pakistan in over 98 cities. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.