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.