Seoul-based edtech startup Mathpresso announced that it has raised $50 million in a Series C funding round, which brings the company's total funding at $105 million, according to CFO Soo Nahm.
The new Series C round was participated by Yellowdog, GGV Capital, Goodwater Capital, KDB, and SKS Private Equity. This round marks GGV's first investment in a Korea-based startup.
In addition to the four new investors, previous backers including SoftBank Ventures Asia, Legend Capital, Mirae Asset Venture Investment, and Smilegate Investment also participated in the round.
Founded in 2015, Mathpresso operates QANDA, a K-12 mobile learning app. In 2017, QANDA adopted an AI-based optical character recognition (OCR) scan that searches for answers in 5 seconds. The app currently offers 7 languages – Korean, English, Spanish, Japanese, Vietnamese, Indonesian, and Thai.
The company said the service is now used by over 9.8 million users monthly from more than 50 different countries, a five times increase since 2020. Over 80% of QANDA’s users are now outside of Korea, with its strongest user bases including Japan, Vietnam, Indonesia, and Thailand.
With its Series C investment, Mathpresso plans to strengthen its AI-based techniques of recommendation algorithms and develop localized business models for its regional offices in Indonesia and Thailand. The company currently has offices in Tokyo, Hanoi, Jakarta, and Bangkok.
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