South Korean EdTech startup, Ringle has reportedly raised more than USD 18 million in a Series A investment round led by Must Asset Management, a returning investor, at a valuation of USD 90 million.
The funding round also witnessed the participation from previous investors, One Asset Management and MoCA Ventures along with Xolon Invest, bringing Ringle’s total capital raised to USD 20 million.
Supposedly, the company claims that since its establishment back in 2015, it has grown three folds each year and that the bookings for its tutoring lessons have risen by nearly 390% in 2021 as compared to 2020.
Currently, the company is seeking to introduce a new program for school kids in the latter half of 2021. Additionally, the firm also has plans to commence offline education systems across the U.S. and South Korea.
Today, Ringle has nearly 700 tutors that are pre-screened by the firm and 100,000 users. Around 30% of its students, who learn through personal interactive live video classes are from outside South Korea, most notably from countries like the United Kingdom, the U.S., Australia, Singapore, and Australia.
Co-Founded by Sungpah Lee and Seunghoon Lee, both Stanford Graduate School of Business alumni, Ringle was developed keeping in mind the challenges they had faced as English speakers of non-native origin as commuters and graduate students in the U.S.
The startup was established to serve professionals who already have established careers. The company’s list of students includes people that have worked for multinational giants like Amazon, McKinsey, Samsung Electronics, Google, and BCG.
According to Seunghoon Lee, Ringle creates learning materials based on present events to keep their students interested. For instance, the present syllabus includes topics like blockchain NFT technology and how the movie “Parasite” showcased global conflict and inequalities towards vaccine access.
For the record, a part of the latest funding will be used by the company to enhance its technology platform. It is currently working on developing a language diagnostic solution that tracks the complexity and accuracy of the student’s spoken English levels with the researchers at the Korea Advanced Institute of Science and Technology.
In addition to the above, the funding will also be used to create original learning content and staff Ringle’s offices in California and Seoul.