Seoul-based ed tech start-up Mathpresso has raised $50 million in a Series C funding round led by Yellowdog, GGV Capital, Goodwater Capital, KDB, and SKS Private Equity, with participation from previous backers SoftBank Ventures Asia, Legend Capital, Mirae Asset Venture Investment, and Smilegate Investment.
The round brings Mathpresso total funding to $105 million, according to chief financial officer Soo Nahm.
This round marks GGV’s first investment in a Korea-based start-up. With ed tech as its key global investment thesis, GGV has backed a number of ed tech companies such as China’s Zuoyebang.
Mathpresso was founded in 2015 by co-chief executives Ray Lee and Jake Lee, and operates Qanda, a K12 mobile learning app. Mathpresso stated that in 2017, Qanda adopted an AI-based optical character recognition scan that searches for answers in five seconds. The service is now used by more than 9.8 million users monthly from over 50 countries, a fivefold increase since last year. The company added that 80% of Qanda’s users are from outside Korea, with its strongest user bases in Japan, Vietnam, Indonesia, and Thailand.
Ray Lee describes the company’s mission as “segmenting and connecting all education content in the world” to build a highly personalised learning platform backed by seamless recommendation algorithms. The company also has ventured into offline and book publishing. while Qanda Study Center Vietnam partners with teachers to match them with students and publishes workbooks.
Mathpresso stated it will use the new funding plans to strengthen its AI-based techniques of recommendation algorithms and develop localised business models for its regional offices in Indonesia and Thailand.
Jake Lee said: “Historically, quality education has been strictly available for the privileged few. Our mission is to break down the barriers to education through technology. In the future we vision, anyone should and will be able to access quality education built just for them.”
Date published: 6 July 2021