Google-backed Korean edtech firm bumps up series C raise to $70m

Mathpresso, a South Korea-based edtech firm, has secured additional funding for its series C round from YBM, one of the country’s largest education management companies, and Signite Partners, the corporate VC arm of local conglomerate Shinsegae Group.

The deal brings Mathpresso’s total amount raised in the round to approximately US$70 million, up from the US$50 million that it raised in July last year. Overall, the firm has raised more than US$122 million since its establishment.

Photo credit: Mathpresso

Founded in 2015, Mathpresso’s main offering is Qanda, a mobile learning platform for K-12 students. It can recognize text questions and mathematical formulas from an image and provide the solutions.

The platform currently has more than 14 million monthly active students from over 50 countries. About 87% of its users are from outside South Korea, with most students living in Vietnam, Indonesia, Thailand, and Japan.

Mathpresso was established by high school friends Ray Lee and Jake Lee. It is headquartered in Seoul with offices in Tokyo, Hanoi, and Jakarta. It counts Google, GGV Capital, and Legend Capital as its investors.

The firm plans to use the fresh funds to strengthen its services and execution.

See also: The key players in Southeast Asia’s growing edtech scene

Other investors in the funding round include:

• Goodwater Capital
• SoftBank Ventures Asia
• Mirae Asset Venture Investment