LingoAce plans to use the funding to support curriculum and product development. Here are the top-line bullets you need to know.
LingoAce, a language application platform, has raised $105M in a Series C round that drew participation from Owl Ventures, SWC Ventures, Sequoia Capital India, and Shunwei Capital Partners. It has also raised a Series B round that drew participation from Owl Ventures and Tiger Global Management.
HOW’S THE COMPANY PERFORMING?
- Singapore-based LingoAce provides online Mandarin courses to children aged 6-15.
- It caters to students across more than 100 countries and regions and has delivered more than 2M hours of instruction this year.
- Over 4,000 certified teachers offer language courses via its platform.
- Bookings on the platform have increased by 4,000% since the end of 2019, due in part to the pandemic-driven adoption of online instruction.
- It maintains offices across several cities in China, Southeast Asia, and the US.
- Its employee headcount sits at 1,300.
WHY DOES THE MARKET MATTER?
- The education technology market is expected to reach a value of $377.9B by 2028, growing at a CAGR of 19.9%, according to Grand View Research.
- Global annual spending on education technology is projected to reach $342B by 2025, according to HolonIQ.
- Edtech solutions are increasingly being adopted to lower content production costs and increase geographical reach.
- The demand for virtual programming and online education has increased amid the pandemic, driving market growth.