Snapask Raises $35 Million in Growth Capital

Summary:

     -     Snapask, Asia’s leading education technology brand, announces completion of a US$35 million funding round, bringing total capital raised to-date to over US$50 million

     -     Concurrent with the round, Snapask is opening its new headquarters in Singapore; it is also present in in Indonesia, Thailand, Malaysia, Hong Kong, Taiwan, Australia, New Zealand, Japan and Korea

     -     The capital will be used for country and product expansion

SINGAPORE, February 26, 2020 – Snapask has announced a US$35 million funding round, bringing its total capital raised to-date to over US$50 million.

Singapore-based private equity firm Asia Partners led the funding round, which also included Intervest and Ondine Capital from North Asia.

As a part of the investment, Snapask is opening its new headquarters in Singapore to capitalize on the growth potential of Southeast Asia. Southeast Asia already represents more than half of the company’s user base today.

Founded in 2015, Snapask provides on-demand tutoring to over 3 million students across eight markets in Asia, drawing upon the skills and talents of over 350,000 qualified tutors. The company’s revenues grew over 100% in 2019.

“At Snapask, we are deeply committed to the cause of enabling personalized education through technology for learners around the world,” said Founder and CEO Timothy Yu. “Education is a multi-trillion dollar industry that is undergoing rapid systematic change. We are delighted to welcome Asia Partners, Intervest, and Ondine as long-term partners to accelerate our growth and deepen our commitment to building innovative learning platforms.”

Named one of Forbes magazine’s ‘30 under 30’ in Asia in 2016, Yu was inspired to found Snapask after witnessing firsthand the inefficiencies of the traditional offline tutoring industry. From his experience operating a tutoring business in Hong Kong during college, he realized the potential to use technology – particularly mobile phones – to revolutionize the way students learn.

Snapask’s flagship mobile app focuses on instant academic coaching from top tutors, along with exam preparation in the form of self-directed videos and online quizzes. Snapask analyzes learning activities to continually improve tutor matching, and leverages AI to deliver personalized learning journeys for each student.

Its B2B enterprise product Wizmo supports teachers and schools in mining learning data to generate insights which enhance everyday teaching and learning in the classroom. And its recent offering for young professionals, Sofasoda, provides digital content and interactive courses in soft skills to prepare recent university graduates for long-term career success in the workplace.

“Under Timothy Yu’s strong leadership, Snapask has built a superb ecosystem for learning, leveraging technology to create a deeply personalized journey for each student,” said Nicholas A. Nash, co founder and Managing Partner of Asia Partners. “We could not be more impressed by the company’s growth trajectory, business model, and societal impact, and look forward to many years of partnership together.”

“Our company’s tagline – ‘it starts with a question’ – captures the essence of our company’s commitment to lifelong, self-directed learning,” said Yu. “With the additional capital resources from Asia Partners and our other new investors, we will deepen our investment in cutting-edge educational technology, expand our geographic footprint, and deepen our engagement with educational institutions to personalize student learning.”

Media Enquiries:

Snapask: media@snapask.com

Asia Partners: media@asiapartners.com