Seoul Edtech Startup Mathpresso Raises US$15.5m in Series B

Mathpresso, a Seoul-based education technology startup, has secured US$14.5 million in its Series B funding round backed by Legend Capital, InterVest, NP Investments, and Mirae Asset Venture Investment.

In a statement, Mathpress said it provides an app called QANDA (Q&A) where students can search solutions to Math and Science problems in just five seconds. A user can simply take a photo of a math or science problem, upload it on QANDA and then find solution through the app’s AI-based math solution search service.

The app also allows users to ask questions to tutors on a 1-on-1 basis.

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The latest funding brings the startup’s total funds raised to date to US$21.2 million since its inception in 2015.

The startup said more than one million students in South Korea used its app last year to do homework or study for exams. Outside South Korea, QANDA has also become the leading education app in Japan just four months after it launched in the Japanese market in late 2018.

In Singapore, QANDA was the top-ranked education app last summer. Mathpresso also launched the app in Vietnam and Indonesia in July as the startup seeks to become a global education platform.

“Our mission is to provide equal opportunities to education through technology”, said Jongheun Lee, co-founder and CEO at Mathpresso. He adds that the new investment will be used to expand the startup’s presence in the Asian market, beyond Korea and Japan.

At present, QANDA has been downloaded more than five million times in over 50 countries. It supports Korean, Japanese, English, Vietnamese, and Indonesian languages and registers more than 1.5 million daily questions.

Joon Sung Park, managing director at Legend Capital, the lead investor in the funding round, said Mathpress has the technological and operational capabilities to expand overseas.

Legend Capital is an early investor of China’s leading mobile education companies such as Zuoyebang and Onion Math. The investor has witnessed robust growth of China’s mobile education market.

“We strongly believe that Mathpresso has the technological and operational capabilities to expand overseas and grasp new opportunities emerging from the digitization of education, such as offering personalized learning for each individual student,” Park said.

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