Thai edtech startup scores $900k in seed funding from 500 TukTuks, others

Thailand-based Conicle, an edtech startup that provides companies with solutions to improve employees’ skills, said it has raised US$900,000 in pre-series A funding from Huamnica, Stormbreaker Venture, and 500 TukTuks, the Thailand-focused microfund of Silicon Valley’s 500 Startups.

Photo credit: Conicle

Founded in 2014, Conicle provides businesses with an all-in-one learning solution to help develop and re-skill their workers through its learning management system (LMS). Its technology takes a data-driven approach to learning, personalizing content to each user.

With the new funds, it plans to expand its presence in the international education market. It also looks to invest further in product development to better capitalize on Thailand’s 1 billion baht (US$30 million) LMS market and 10 billion baht (US$300 million) corporate training industry.

Within the next three to five years, Conicle looks to move from just being a learning platform to becoming a “people development ecosystem,” aiming to get its clients and partners more involved in the learning process, said its CEO and co-founder Poon Nakorn.

“In terms of growth, we aim to become a regional tech company that helps organizations in the Southeast Asia region, which is a region of great growth and clear demands in terms of workforce development,” Nakorn added. So far, the startup has over 500,000 users from more than 30 companies, including AIA Group, PTT Group, Makro, and Honda.

According to Stormbreaker Venture managing director Janatanarak Tuekaew, the global LMS market is growing at 19.9% a year and is set to hit a size of US$18.8 billion by 2024, with Southeast Asia taking a US$1.5 billion slice.

Currency converted from Thai baht to US dollar: US$1 = 32.44 baht.