Ringle English Education Service, a South Korean education technology startup that provides 1:1 English tutoring services, said Tuesday that it had raised 10 billion won ($8.8 million) from investors as part of its Series A funding.

The latest investment, which was led by returning investor Must Asset Management, puts Ringle at a valuation of 100 billion won. The edtech startup is running Series A funding until the end of April.

Founded in 2015, the company has maintained a 300 percent growth year-on-year and currently hosts 10,000 students and 600 tutors.

The company will use the proceedings for global expansion.

“Ringle aims to reach Decacorn status within 2 to 3 years. The goal is to expand in all areas: from adults to juniors, from English to other subjects, and beyond Asia into the global market,“ said Lee Seung-hoon, the startup’s cofounder and CEO. “Based on our experience in Korea, we will develop products that can fit global users.”

“Must Asset Management decided to make a follow-up investment after observing the growth that the Ringle team makes from a global perspective, and we believe that Ringle can become a leading edu-tech company,” an official from Must Asset said.
 
By Park Ga-young  (gypark@heraldcorp.com)