Thai Digest: Edtech startups Vonder, Conicle raise early-stage funding

Vonder and Conicle are amongst the latest Thai edtech startups to have raised funding. While Stormbreaker Venture is a common investor for both the companies, a slew of other investors backed the startups.

Vonder raises seed financing

Thai edtech company Vonder has secured a seed funding round led by its existing investor Stormbreaker Venture and angel investor Pongsak Trakulsuk, CEO of on-demand services firm Promaid.

Financial details of the investment were not disclosed.

Vonder converts education content into gamified micro-lessons, which are relevant to both the general education sector and staff training. The startup helps corporates co-create their content in the microlearning format for providing training in operational areas such as tax, sales, regulations and standard of practice training.

Vonder said the seed funding will be used to further penetrate the B2B training market, in addition to developing and expanding new products for the regional market.

Founded in 2018, Vonder claims to have been profitable from the first year of operation.

The company’s client base comprises large public companies such as TCP Group, Kasikorn Bank, Siam Commercial Bank, MBK Group, Banpu and others.

Learning management platform Conicle raises $900K

Conicle, another Thai edtech startup, said it has bagged $900,000 from 500 TukTuks, Stormbreaker Venture and HR solutions provider Humanica in its pre-Series A financing round.

With this fresh funding, Conicle will kick off its international expansion and develop a comprehensive solution for corporate clients to improve their employee’s skills, drive digital transformation and respond to future work trends.

“Concicle is a learning management system (LMS) which acts as an executive assistant and HR in developing the internal workforce under the concept of modernised learning,” the startup said in a statement.

It estimated the LMS market in Thailand at 1 billion baht ($31 million), whilst the corporate training market was estimated to be worth over 10 billion baht. “Both markets are expected to continue to grow as a result of digital disruption and the current crisis that we’re facing that is pushing organisations to online learning,” Conicle said.

The company said it has over 500,000 users from more than 30 companies such as AIA, PTT Group, AIA, CPALL, Makro and Honda.

“The global LMS market is growing at 19.9 per cent a year and will become an $18.8 billion market by 2024. Within SEA, we believe the market will be at least $1.5 billion,” commented Janatanarak Tuekaew, managing director of Stormbreaker Venture.

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.