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DealStreetAsia

Singaporean Chinese-teaching edtech raises $6m led by Sequoia

LingoAce sees stay-home-driven growth in Asia amid COVID pandemic

According to Singapore's statistics agency, Southeast Asia has 363 million school-age children and youth in need of online learning.   © Reuters

SHANGHAI -- LingoAce, a Singapore-based global edtech platform that offers online Chinese language learning courses, has closed its Series A-plus round of financing, raising $6 million, led by Sequoia Capital India with participation from returning backer Shunwei Capital, an investment arm of Chinese smartphone maker Xiaomi.

This brings the funds raised by the company in its Series A round to $13 million.

Before the current round, LingoAce pocketed $7 million from Shunwei Capital in June. It had also raised $3 million from Shenzhen-based angel investment firm Decent Capital late last year. 

LingoAce will deploy the new proceeds for business expansion in Southeast Asia, technology innovations and recruitment.

With over 400 employees, three-year-old LingoAce develops interactive education products and services for non-Chinese speaking students from 4 to 15 years old. Aside from Singapore, it also has a presence in Beijing, Wuhan and Los Angeles. Recently, it set up operation centers in Bangkok and Jakarta. 

LingoAce says it has served over 100,000 registered students across 80 countries by leveraging its AI-powered platform, and has more than 2,000 certified teachers.

"Today, over 100 million people outside of China, 27 million of whom are K-12 students, are learning Chinese. And this number has been growing at 20% to 30%, year-on-year," said Abheek Anand, managing director of Sequoia Capital India, in a statement.

Online education has seen a dramatic surge amid COVID-19 in Southeast Asia. According to Singapore's National Statistical Office, 25.7% of the population are students aged between 5 and 19, and nearly 363 million youth have to shift to online learning.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on private equity, venture capital and corporate investment activity in Asia, especially Southeast Asia, India and Greater China. Nikkei owns a majority stake in the company.

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