Online tutoring innovator AmazingTalker secures $15.5m Series A funding
AmazingTalker, a Taiwanbased global platform designed to help students find private tutors of languages and other subjects including mathematics, has received $15.5 million in Series A funding. The round was led by CDIB Capital, with participation from JAFCO Asia and from 500 Global.
Over the past five years, AmazingTalker has attained an annual revenue growth rate of nearly 500 percent, with 60 percent of revenue coming from overseas. To date, it has around 8,000 registered tutors and 1.1 million registered users, and has clocked 5.5 million online course reservations.
Launched in 2017, AmazingTalker aims to make it easy for anyone to learn through technology. It uses algorithms to match students and tutors precisely and efficiently within a few seconds. It provides an interactive learning environment that supports independence for both teachers and learners. Students can communicate their needs directly with prospective tutors without a binding contract or long-term payment obligation.
From a tutor’s perspective, the platform widens the pool of prospective customers, and the core value is to enable them to maximise their earning potential by setting their fees independently. It also generates insights through data analysis of user behaviour to help tutors continuously improve the quality of their teaching services.
AmazingTalker plans to use the latest investment to grow its business in Southeast Asia, Japan, Korea, Europe and North America. It currently serves more than a million people across 190 countries in Europe, the Americas and Asia. It will also channel funds into recruiting global talent and growing the number of international users.
“It is our goal to become the world’s largest online tutor matching platform,” said Abner Chao, Co-founder and CEO of AmazingTalker. “The injection of $15.5 million in Series A funding will help reinforce our product development efforts. We are expanding our offering to cover subjects beyond language and are recruiting experienced service providers in new fields. We look forward to helping more tutors maximise their earning potential and continuing to improve the online learning experience for all our users.”
Up to now, AmazingTalker has received more than 15 million fundings from investors, including CDIB Capital, JAFCO Asia, 500 Global and SparkLabs Taipei.
The global appetite for learning continues to grow. According to UNESCO, 470 million people will seek higher education over the next 15 years, a figure that far outstretches university capacity and that underscores the need for alternative learning sources. By 2026, the total global e-learning market is set to nearly double its 2019 level to close to $400 billion according to Statista.