Kul Bhushan · · 1 min readSoftBank-backed Riiid buys Japanese mobile app distributor
South Korean edtech startup Riiid has acquired Langoo, a Japanese mobile app distributor, for an undisclosed sum.
Langoo has been the exclusive provider of Riiid’s paid AI-based learning app since 2019. Called Riiid Tutor, the app has been downloaded by more than 2.5 million users in South Korea and Japan, according to TechCrunch.
The Riiid team / Photo credit: Riiid
The edtech startup said it will set up a Japanese arm to tap the local remote learning and education market, which was estimated to be worth US$2.6 billion in 2020.
“This acquisition is the first step in an inorganic strategy to ultimately apply Riiid’s AI technology to the global market and help more learners around the world,” said YJ Jang, Riiid co-founder and CEO, in a statement.
It also plans to expand its service beyond the Test of English for International Communication (TOEIC) to include AI-based English speaking and English coaching services.
The new investment comes after the startup secured US$175 million in series D funding from SoftBank’s Vision Fund 2 in May.
Riiid said that since the funding, it has focused on accelerating its market expansion, including through mergers and acquisitions, and investments.
Editing by Collin Furtado and Eileen C. Ang
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