Led by Must Asset Management, the overall funding is the second largest Series A funding amount in the history of English education startups, the company said. The South Korea-based company is now valued at $90m.
Ringle will use the investment to enhance its tech platform, develop original educational content and “thought-provoking learning materials”, and expand its teams in Seoul, Korea and San Mateo, CA.
It is also looking to provide a subscription option for premium content to “diversify revenue sources”, it added.
“Our primary goal is to break down language barriers, but ultimately what we’re doing is connecting top talents from around the world, providing a platform for mutual learning and growth,” said Ringle co-founder Sungpah Lee.
With 700 manually vetted tutors and 100,000 users, Ringle’s revenue has grown three times every year since its founding in 2015.
“We believe Ringle is well-positioned for tremendous growth,” said a representative from Must Asset Management.
“Ringle will provide not only the best English education with premium content and AI-based learning platform but grow into a global edtech company that connects top talents from around the world.”
“Ringle will grow into a global edtech company that connects top talents from around the world”
Alongside Must Asset Management, One-asset management, Xoloninvest, MoCA Ventures also participated as investors.
“Ringle achieved rapid growth so far, boldly executing on its mission to innovate education,” said Hong Sang-min, director at MoCA Ventures and CEO of Nextrans, which invested in Ringle’s early days.
“Ringle team made learning easier and effective, achieving high customer satisfaction and a strong retention rate. We anticipate this investment to serve as the cornerstone for Ringle’s global expansion, enabling the company to provide the best educational service to customers worldwide.”
The company also plans to open and expand offline spaces in South Korea and the US where tutors and students can meet face-to-face, hold and attend seminars, study and develop content together.