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.
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.