S Korea’s edtech startup Mathpresso raises $50m Series C round

Photo by Thomas Park on Unsplash

Seoul-based edtech startup Mathpresso has raised $50 million in a Series C funding round from a group of investors, bringing its total funding to $105 million to date, according to an announcement.

Investors participating in this round include GGV Capital, Yellowdog, Goodwater Capital, and KDB.

Previous backers including SoftBank Ventures Asia, Legend Capital, Mirae Asset Venture Investment, and Smilegate Investment also participated in the round.

This round marks GGV’s first investment in a Korean startup. With edtech as its key global investment thesis, GGV has backed a number of edtech companies like Zuoyebang.

Mathpresso will use the fresh funding to strengthen its AI-based techniques of recommendation algorithms and develop localised business models for its regional offices in Indonesia and Thailand.

Founded in 2015 by co-CEO Ray Lee and Jake Lee, Mathpresso operates QANDA, a K-12 mobile learning app. In 2017, QANDA adopted an AI-based optical character recognition scan that searches for answers in five seconds.

Mathpresso claims that the service is now used by over 9.8 million users monthly from more than 50 different countries; a five times increase since 2020. Over 80% of QANDA’s users are now outside of Korea, with its strongest user base in Japan, Vietnam, Indonesia, and Thailand.

The company has also ventured into offline and book publishing to optimise learning experiences both online and offline. QANDA Study Center Vietnam partners with teachers to match them with students and publishes and distributes quality workbooks, securing its presence as an all-in-one education hub.

Recently, 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.

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.