Sequoia Spark-backed edtech firm bags $700k more in seed money (updated)

Update (Apr. 7, 11:45 a.m. SGT): This is the updated version of the article which was first published on January 27, 2022, with the details of the additional seed money that the company received.

Ascend Now, a Singapore-based edtech startup, has raised an additional US$700,000 in its seed funding round from four undisclosed private investors, the company told Tech in Asia. This takes the total funding in the round to US$2.8 million.

In January, Tech in Asia first reported that the edtech firm had raised US$2.1 million in the same round.

The investors that participated earlier in the round include Karen Yung, co-founder of Dulwich College International; Peter Galante, co-founder and COO of Innovate Language Learning; and two other private investors.

Ascend Now founder and CEO Devi Sahny / Photo credit: Ascend Now

This is the first external round of funding for Ascend Now after being bootstrapped for four years.

Ascend Now offers personalized online coaching and mentoring for K-12 students on both academic and beyond academic topics. It currently offers one-on-one, online, synchronous sessions and personalizes it to each student by using proprietary intellectual property made by experts and examiners. Through its modules, the company aims to develop entrepreneurship in kids.

The edtech firm will use the fresh funds to hire a chief marketing officer to lead its promotional efforts, as well as a chief technology officer to build its own development and content creation teams. It will also use the funds to improve its current learning management system and bolster its marketing team for the community.

The investment will also be put into developing Ascend Now’s asynchronous self-learning platform, which will include academic and entrepreneurship content. The platform will focus on democratizing soft skills education globally and providing a way for students to apply their learning beyond the classroom. For this effort, Ascend Now will build a database of rich content.

The startup is also looking at partnership opportunities with schools beyond its network. It has already partnered with international schools such as the United World College of Southeast Asia, Dulwich College, Australian International School, XCL World Academy, Help International School, and Jakarta Intercultural School.

Ascend Now COO and managing partner Pavan Sampath / Photo credit: Ascend Now

Ascend Now’s revenue nearly doubled to US$1.2 million in 2021, which it targets to grow by over 3x to US$4.1 million in 2022. The company has also been EBITDA positive since 2018.

“We want to be the biggest skills-content provider to K-12 students globally. A lot is changing in the edtech industry, but what is not changing as quickly is content – we feel that life skills need to be taught to students such as how to cope with uncertainty, networking without fear, and self-awareness,” Devi Sahny, founder and CEO of Ascend Now, told Tech in Asia.