'Kwanda' Operator Masspresso Completes Series C Funding with 77 Billion KRW

by Choi Donghyeon

Published 13 Dec.2022 08:55(KST)

'Kwanda' Operator Masspresso Completes Series C Funding with 77 Billion KRW

[Asia Economy Reporter Donghyun Choi] Masspresso, the operator of the AI-based learning platform Qanda, announced on the 13th that it has completed its Series C funding round with a total of 77 billion KRW.

This investment round saw the participation of new investors Signite Partners, the corporate venture capital (CVC) of Shinsegae Group, and YBM, a leading domestic education company, while existing investors Goodwater Capital, SoftBank Ventures, and Mirae Asset Venture Investment also took part. In particular, with YBM joining as a new investor, the two companies plan to maximize synergy by leveraging their respective influence and expertise in the domestic middle and high school education sector.

Going forward, Masspresso will focus on enhancing vertical services for personalized learning experiences and strengthening profitability. Lee Yongjae, CEO of Masspresso, said, "It is especially meaningful to secure investment amid a global environment where investment sentiment is extremely subdued," adding, "Through this investment, we will focus on the learning experience and create more customer touchpoints to take one step closer to becoming an essential education super app for students worldwide."

Qanda, which started in January 2016 as a Q&A app connecting students with prestigious university teachers, has shown significant growth domestically and internationally since introducing a search function where AI analyzes photos of unknown problems and provides solutions. As of this month, 87% of its 75 million cumulative users come from overseas. Masspresso operates the Qanda app, the one-on-one non-face-to-face tutoring service 'Qanda Gwaoe,' and Vietnam's largest online lecture service 'Qanda Study,' growing into a comprehensive education platform. Last month, it launched a school exam service that digitally implements past exam materials from enrolled schools, expanding its service area as a hyper-local education platform.

Meanwhile, after securing Series C funding, Masspresso also attracted strategic investment from Google. The total accumulated investment in Masspresso amounts to approximately 143 billion KRW.