Seoul-based edtech startup Mathpresso has completed a Series C extension round, which brings the round’s total to approx. $70 million. The newest round was participated by Signite Partners – a corporate venture capital arm of Shinsegae Group and YBM – one of Korea’s largest education management companies. Previous backers including Goodwater Capital, SoftBank Ventures Asia, and Mirae Asset Venture Investment also participated in the round.
“Amidst the funding winter and given current macroeconomic challenges, this investment validates our business productivity solutions in creating sustainable social impact,” said Jake Lee, Mathpresso’s Chief Executive Officer.
Mathpresso, that operates one of Asia’s largest education app QANDA, has previously secured capital from Google and GGV Capital. Last July marked GGV’s first investment in the Korea-based startup. QANDA is an AI-powered mobile learning platform for K-12 students.
By recognizing text and mathematical formulas in a photo with optical character recognition (OCR) technology, QANDA provides detailed solutions and personalized learning content catered to each user’s level. Since its launch, the app has accumulated over 75 million registered users in over 50 countries.Over 85% of QANDA’s users reside outside of Korea, with its strongest user bases including Japan, Vietnam, Indonesia, and Thailand. To integrate all learning features into the platform, the startup launched additional online-based vertical services last year; QANDA Tutor, which is a tablet-based 1:1 online tutoring service, and QANDA Study, 1:N online live group class in Vietnam.
“We are extremely grateful for the new and existing shareholders who supported us despite the tough market conditions. We reiterate our commitment to improving user experience and achieving profitable growth,” said Soo Nahm, its Chief Financial Officer. Mathpresso also plans to utilize the investment in further strengthening their vertical services and execution strategy.
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