Singapore-based online language learning platform LingoAce has raised $105 million in Series C funds led by Sequoia Capital India and joined by Owl Ventures, Shunwei Capital and SWC Global.
The investment comes less than a year after LingoAce raised $55 million in its Series B led by Tiger Global and Owl Ventures in April this year.
The total capital raised by the company stands at $180 million to date, according to a statement.
With the investment, Abheek Anand, managing director at Sequoia India and Ian Chiu, managing director at Owl Ventures, are set to join LingoAce’s board of directors. Meanwhile, Dennis Yang, former CEO of Udemy, is also joining as a member of the advisory board.
Founded in 2017, LingoAce is an edtech firm focused on Chinese language learning for children aged between three and 15. The firm develops its curriculum in-house, producing research-backed digital content, featuring animation, gamification and AI to make lessons fun and interactive for students.
According to LingoAce, the funds will be used to ramp up recruitment, launch new products and expand to new markets.
Since the onset of the COVID-19 pandemic, LingoAce claims to have seen a surge in demand for its services, leading to a nearly 4,000% growth in sales globally. The firm now caters to students across 100 countries, with the majority of its business coming from international markets outside its home base of Singapore.
