Seoul-based Ringle raises $18M Series A for its one-on-one English tutoring platform

Many of the highest-profile English tutoring platforms focus on children, including VIPKID and Magic Ears. Ringle created a niche for itself by focusing on adults first, with courses like business English and interview preparation. The South Korea-based startup announced today it has raised an $18 million Series A led by returning investor Must Asset Management, at a valuation of $90 million. Ringle is preparing to launch a program for school kids later this year, and also has plans to open offine educational spaces in South Korea and the United States.

Other participants in the round, which brings Ringle’s total raised to $20 million, include returning investors One-asset management and MoCA Ventures, along with new backer Xoloninvest. Ringle claims its revenue has grown three times every year since it was founded in 2015, and that bookings for lessons have increased by 390% compared to the previous year.

Ringle currently has 700 tutors, who are pre-screened by the company, and 100,000 users. About 30% of its students, who learn through one-on-one live video sessions, are based outside of Korea, including in the U.S., the United Kingdom, Japan, Australia and Singapore.

Ringle’s co-founders are Seunghoon Lee and Sungpah Lee, who both earned MBAs from the Stanford University Graduate School of Business. They developed Ringle based on the challenges they faced as non-native English speakers and graduate students in the U.S. The startup was first created to serve professionals who are already established in their careers or in academia. Its students include people who (Read more...)