SoftBank’s Vision Fund 2 leads $175m round of South Korean edtech startup Riiid

South Korea-based Riiid has secured US$175 million from SoftBank’s Vision Fund 2, marking the edtech firm’s largest financing round till date. This also brings Riiid’s total funding raised to US$250 million.

Riiid office / Source: Riiid

Established in 2014, the startup provides personalized learning solutions for K-12 and postsecondary education as well as corporate training. In 2020, it established Riiid Labs in California to expand its business across the US, South America, and the Middle East, among others.

The company plans to use the fresh funds to bolster its technology. It is also setting up research and development centers and data labeling centers in the US, Canada, and Ghana to increase hiring and build its technical infrastructure.

In July 2020, the edtech firm raised US$40 million from IMM Investment Corp., Intervest, KDB Bank, and Nvestor.

Riid’s latest fundraise comes months after SoftBank recorded a net profit of 1.17 trillion yen (US$11 billion) for the quarter ended in December on the back of investment gains from its Vision Fund unit.

Currency converted from US dollar to Japanese yen: US$1 = 108.74 yen