StudyMax, is a Korean startup that develops English educational content optimized for today’s highly mobile society. On the 7th October, investments totalling US$3.8m (KRW 4.5b) lead by LB Investment, DS Investment and two other venture capitals was confirmed.
Past investments secured by the company include an early stage investment by Bon Angel Venture Partners in 2010 and a Series A investment from NeoPlug in 2012. This new investment comes three year after NeoPlug and is expected to strengthen the position of StudyMax in the education sector.
StudyMax operates three popular English programs:
- ‘Speaking Max’: English teaching for real life scenarios;
- ‘Speak Care’: Korea’s first 1 on 1 English phone conversation service with American national; and
- ‘Max Voca’: English vocabulary practising program.
Since launching in 2011, the company has rapidly expanded and has experienced many successes along the way. In particular ‘Speaking Max’ has the highest web traffic among educational websites with over 10,000,000 visitors. Their iPad app is the highest downloaded educational app in Korea.
The director of LB Investment, Chae Doo Seok in explaining the importance of capturing the mobile market said, “Utilisation of smart devices in education is becoming more important and it’s necessary to have the techniques to develop learning apps optimised for mobile devices”. Regarding future growth, “StudyMax has experienced continued growth by adopting technology in the production of video content. The company is showing promising potential for growth outside Korea”.
Shim Yeon Lin a StudyMax representative said, “This investment will allow StudyMax to develop our educational expertise to a new level. It will strengthen the marketing of Speaking Max, and through the release of our Junior English program which has been in development for the last two years, we expect to see further growths”.
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