Australian edtech firm Zookal raises nearly $10m to scale in Southeast Asia

Australian edtech startup Zookal said it has raised A$15 million (US$9.8 million) in an oversubscribed equity funding round to accelerate its growth in Southeast Asia.

Zookal CEO Ahmed Haider / Photo credit: Zookal

“Southeast Asia is a very attractive market, with our digital users growing to 300,000 in just eight months. Our goal is to reach 10 million students in the coming years as Asia comes online by making education more affordable and accessible to them,” said Zookal co-founder and CEO Ahmed Haider.

The round was led by existing investors Koh Boon Hwee, a former chairman of Singapore Airlines, and Unigestion chairman Bernard Sabrier. It also included participation from Singaporean construction and property development company Wee Hur Holdings.

Zookal has now raised a total of A$25 million (US$16.5 million) in capital, according to a statement.

Aside from doubling down on Southeast Asia, the Sydney-based startup will also use the fresh funding to triple the size of its engineering team and make key management hires. It recently appointed Manuel Silva, a former director of engineering and consumer product at ecommerce firm The Iconic, as vice president of engineering.

Founded in 2011, Zookal started off with a focus on providing physical textbooks to capture first-year students. It has since expanded to offer book rentals, digital videos, e-textbooks, and other digital services.

According to Haider, Zookal is on track to reach A$35 million (US$23 million) in revenue this year, up from A$25 million (US$16.5 million) in 2019, growing at 264% compound annual growth rate.

The company said it has served over 750,000 users across Australia, Singapore, Hong Kong, and the Philippines over the past eight years.

Currency converted from Australian dollar: US$1 = A$1.52.