Korean edtech firm Ringle bags $18m to expand globally

Ringle, a South Korea-based edtech firm focused on helping adults learn the English language, announced it has raised US$18 million in a series A funding round led by Must Asset Management. One Asset Management, Xoloninvest, and MoCA Ventures also participated in the round.

With the funding, the company’s now valued at US$90 million.

Ringle app / Image credit: Ringle

Founded in 2015, Ringle provides clients with one-on-one video sessions with native-speaking tutors. Its founders Seunghoon Lee and Sungpah Lee built the startup after they had faced difficulties as non-native English speakers studying in the US.

The company will use the fresh funds to enhance its tech platform, develop more educational content, and grow both of its South Korea- and US-based teams. Ringle will also drive its growth in Japan, Australia, Singapore, the US, and the UK.

Additionally, the company plans to tap into a subscription model by providing premium educational content. It also wants to expand its user base to include younger students aged 10 and above.

Ringle said that its revenue has grown 3x every year since it was founded. It currently has more than 700 tutors and 100,000 users, with 30% of them based outside of South Korea. Lessons that are booked on its platform have increased almost 5x compared to last year, the company added.