Chinese language learning platform raises $105m
Singapore’s LingoAce, a Chinese language learning app, has raised $105 million in Series C funding led by Sequoia Capital India. It comes within a year of a $55 million Series B.
Owl Ventures, a US-based education specialist, Shunwei Capital, and SWC Global joined the Series C. The Series B was led by Owl and Tiger Global Management. Total funding since inception in 2017 comes to $180 million.
LingoAce provides an in-house designed curriculum of live one-on-one and small group classes, with teachers delivering real-time feedback and interaction. It has more than 4,000 teachers with CTCSOL certification, a globally recognized standard for teaching Chinese to speakers of other languages.
LingoAce claims the number of bookings has increased almost 4,000% since the end of 2019 as a result of COVID-19. In Southeast Asia, a core market, the company is said to have grown more than 2,000% in the past year. It is active across some 100 countries and territories, with offices in Singapore, Indonesia, Thailand, China, and the US.
Recent traction includes a significant team build-out, including 60 hires during 2021 in Singapore alone. Among them are CFO Marshall Roslyn, who helped establish the education technology practice at Goldman Sachs, and former executives from the likes of Uber and US online education company Udemy.
The fresh capital will be used to continue growing the team in the US, Europe, and Southeast Asia. The goal is to strengthen curriculum and product development while scaling sales and marketing efforts. There are also plans to develop English language programs and explore other subjects.
In September, T-Lab, another Singaporean start-up focused on Chinese language education, raised a $1.6 million seed round led by East Ventures. The company, also known as Linnet Chinese, noted that as of 2018, the number of Chinese learners globally was 180 million and growing up to 14.2% a year, despite 95% of qualified Chinese teachers being located in mainland China.
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