Chinese language learning platform LingoAce has raised $6 million in a Series A+ round led by Sequoia India, The Business Times has reported.
Existing investor Shunwei Capital also participated in the round, having previously invested $7 million in Series A funding in June.
Singapore-based LingoAce said it will use the funding for Southeast Asian expansion, building up its technology capabilities, and increasing headcount.
Founded in 2017, LingoAce’s syllabus is in line with China and Singapore’s education ministries. The company has more than 2,000 certified teachers and 420 employees, with offices in Beijing, Wuhan, and Los Angeles, and plans to expand into Bangkok and Jakarta.
Hugh Yao, founder and chief executive of LingoAce, said: “These funds come at an opportune time as we expand to meet rising demand in the region amidst the current pandemic.
“We see tremendous opportunities to continue developing our online Chinese learning platform as well as growing our footprint, while streamlining our growth and setting up our additional education research centre in Singapore.
“These will further propel LingoAce towards its aim of becoming the leading online Mandarin classroom for our global students.”
Abheek Anand, managing director of Sequoia Capital (India) Singapore, added: “Today, over 100 million people outside of China, 27 million of whom are K12 students, are learning Chinese. And this number has been growing at 20% to 30% year-on-year.
“Hugh and team are going after a massive global opportunity that has accelerated even more strongly in the current environment, and the team is excited to partner with them.”
Date published: 10 November 2020