Snapask raises US$5mil Pre-A Series to fund business expansion into SEA
By Digital News Asia June 1, 2017
- Total funding is US$8 million, including seed funding from Singapore Press Holdings and Plug & Play
- Focused on expanding into Indonesia, Malaysia, Thailand and Vietnam
SNAPASK, a Hong Kong based edtech startup has raised US$5 million in Pre-Series A venture funding to expand its mobile education business into Southeast Asia, Australia and the United Kingdom.
By applying artificial intelligence techniques to its on-demand education services, Snapask has doubled its user base since Q4 of 2016, reaching 300,000 users across Hong Kong, Singapore and Taiwan.
Snapask aims to become the first global edtech company by 2020.
Kejora Ventures, backed by the Charoen Pokphand Family, Meitu chairman Cai Wensheng and Welight Capital, founded by former Tencent executives, participated in this funding round.
This brings total funding at Snapask to US$8 million, including seed funding from Singapore Press Holdings and Plug & Play.
Kejora, focusing on Pre-A series funding, enables startups to scale in a rapid pace throughout Southeast Asia.
Cai is an entrepreneur and investor in the Internet and technology industry in China. He established 265.com Inc (sold to Google in 2007) in August 2004. Cai has invested in over 19 technology startups to date.
Welight Capital was co-Founded by chief technology officer Tony Zhang and the former senior vice president and chief executive of e-commerce for Tencent Wu Xiaoguang in 2015. The VC currently focuses on angel investing and has supported 30 startups.
"Currently we are focusing on expanding into Southeast Asian markets including Indonesia, Malaysia, Thailand and Vietnam. We hope to provide our service to the four million students in the SEA region within Q2, and to that of Australia and the United Kingdom in Q3.
“When developing a new market, we insist on recruiting a local team as they understand their local market best. The fresh capital will therefore be used primarily on local talent acquisition," explained Snapask founder and CEO Timothy Yu.
The three parties represent support from China's startup sector, technology sector and SEA business sector respectively.
Their confidence in Snapask's Southeast Asia markets stems from the combined population of 645 million and a strong demand for education support.
Kejora Ventures founding partner Sebastian Togelang explained that beyond providing funding and mentorship, Kejora will offer local, on-the-ground market entry expertise.
Wu Xiaoguang expressed that the passion and spirit of the Snapask team was a strong reason for investment. He believes that Snapask's ability to adapt and create is key to success in a competitive market, and looks forward to a new era of digital learning at Snapask with the application of machine learning techniques.
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