Serving more than a million people across 3 continents, online tutoring startup AmazingTalker raises USD$ 15.5M Series A
Online tutoring platform AmazingTalker announced that they received $15.5 million in Series A funding. The round was led by CDIB Capital, with participation from JAFCO Asia and from 500 Global.
Up until now, AmazingTalker has received more than USD$ 15M in funding from investors, including CDIB Capital, JAFCO Asia, 500 Global, and SparkLabs Taipei.
AmazingTalker, known for its precision matching system for tutors and students, is serving more than a million people across 190 countries in Europe, the Americas, and Asia. They have 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, 1.1 million registered users, and has clocked 5.5 million online course reservations.
"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 $15.5M USD 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 maximize their earning potential and continuing to improve the online learning experience for all our users."
AmazingTalker plans to use the latest investment to grow its business in Southeast Asia, Japan, Korea, Europe, and North America. It will also channel funds into recruiting global talent and growing the number of international users.
From being a boxer to establishing Taiwan’s biggest online tutoring platform
There is a boxing ring in AmazingTalker's office. / Photograph : 蔡仁譯攝
Before establishing AmazingTalker, Abner dreamed of becoming a professional boxer. He aimed at joining Japans’ boxing contest. To achieve his dream, he worked as a salesperson for a famous English learning platform with a high salary. Finally, he accumulated enough money to go to Japan to pursue his boxing career. Unfortunately, he got injured and had to give up his dream.
He returned to Taiwan, where he decided to rejoin the business he was most familiar with: the language learning business.
“There are many choices for language learning students, and every platform is dedicated to providing the best services for students. But I decided to launch a platform that provides tutors the best services,” said Abner.
In 2017, Abner launched AmazingTalker. To encourage tutors to spend more time teaching classes and improving their teaching quality, AmazingTalker would decrease the platform’s host fee as tutors spent more time on the platform. For example, a tutor might have no platform fee once he earns over $3,000 USD per month. At this point, he would only need to pay the 8% handling fee.
The company’s core value is to maximize tutors’ earning potential by setting their fees independently.
Besides the special commission system that drives tutors to keep improving their teaching quality, AmazingTalker generates insights through data analysis of user behavior to help tutors continuously improve the quality of their teaching services. This enables AmazingTalker to use algorithms to match students and tutors precisely and efficiently within a few seconds.
AmazingTalker also 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.
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, landing at an astronomical $400 billion according to Statista.
With the current stellar growth trajectory, the Taiwan-based AmazingTalker website aims at expanding their global business further.
〔Original :Meet Global〕
https://meet-global.bnext.com.tw/articles/view/47603