Google backs Korea edtech player Mathpresso

Mathpresso, best known for the mobile K-12 math learning app Qanda, raised a $50 million Series C round in July from a group including GGV Capital, Goodwater Capital, and Yellowdog, a Korean VC firm.

The company had previously raised about $20 million across four rounds as of mid-2019, according to AVCJ Research. It counts SoftBank Ventures Asia, InterVest, Legend Capital, Mirae Asset Venture Investment, New Paradigm Investment, Mega Investment, and Smilegate Investment among its backers.

Qanda has accumulated more than 45 million registered users since its launch in 2016, over 85% of which are outside Korea. The service has around 12 million monthly users in 50 countries and claims “top seat” position in 20 countries. Its main markets outside Korea are Japan, Vietnam, Indonesia, and Thailand.

The app works by allowing users to upload text questions and photos of mathematical formulas, which are recognized and answered instantly by an artificial intelligence-enabled system. Earlier this year, a premium subscription model was added, including access to video lectures and a community feature for collaborative learning.

“The investment by Google opens up exciting opportunities for Mathpresso and enhances our ability to serve students around the world,” Soo Nahm, Mathpresso's CFO, said in a statement.

“Together with the recent Series C funding, this investment will help us accelerate our global market expansion as well as our technological advancement.”

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• Topics
• North Asia
• Consumer
• Media
• Expansion
• South Korea
• Google
• Education
• TMT
• artificial intelligence