Singapore-headquartered online language learning platform LingoAce has secured a US$6 million in Series A-plus in a statement. The round of financing was led by Sequoia India with existing investor Shunwei Capital returning to be part of the latest round.
The startup raised US$7 million Series A from Beijing-based VC Shunwei Capital earlier this year.
The firm will invest the new capital in quality talent acquisition, enhancing its technology and also boost its expansion agenda in Southeast Asia. The edutech platform plans t estatblish operations in Jakarta (Indonesia) and Bangkok (Thailand) to meet demands of its growing client base.
Founded in 2017, LingoAce is an online platform that leverages AI-powered tools to provide personalized and interactive learning in Chinese language. It allows students worldwide to participate in real-time classes with native Mandarin-speaking teachers.
Hugh Yao, Founder and CEO of LingoAce, said: “These funds come at an opportune time as we expand to meet rising demand in the region amidst the current pandemic. We see tremendous opportunities to continue developing our online Chinese learning platform as well as growing our footprint, while streamlining our growth and setting up our additional education research centre in Singapore. These will further propel LingoAce towards its aim of becoming the leading online Mandarin classroom for our global students.”
Abheek Anand, Managing Director, Sequoia Capital (India) Singapore, added: “Today, over 100 million people outside of China, 27 million of whom are K12 students, are learning Chinese. And this number has been growing at 20 to 30 per cent year-on-year. Hugh and team are going after a massive global opportunity that has accelerated even more strongly in the current environment, and the team is excited to partner with them.”