Classting Raised USD 4M from Mistletoe, to Expand into Asia
TAIPEI, Taiwan–(BUSINESS WIRE)–Education Social Platform Classting (CEO Cho Hyun-gu) raised about USD 4 million investment from venture capital (VC) ‘Mistletoe’, a first time for Korean company. Mistletoe acknowledged the contribution of Classting to improving the education environment in Asia, which makes this investment significant. In addition, Classting raised about USD 2.5 million in investment from the Korea Development Bank, attracting total investment of USD 6.5million.
Mistletoe is a venture capital company founded by Taizo Son, with 100% private equity. Taizo Son, known as the founder of GungHo, Japan’s largest online game company, is famous for discovering and incubating start-ups that have a positive impact on international society. In particular, Mistletoe is actively investing in companies that solve educational problems in Asia and innovate public education. Together with its investment, Mistletoe will also support Classting in Japan and Asia.
Classting is an education social platform that helps teachers, students, and parents communicate, teach and learn in an effective way. More than half of Korean teachers, students, and parents are using Classting. It is rapidly growing, with more than 4.5 million users in 15,400 schools and educational institutions around the world. Based on this investment, Classting is accelerating the development of personalized education services using advanced technologies, such as Big Data and AI, as well as expanding its Asian business.
“Innovative start-ups with ideas and core technologies have a positive impact on a wide range of fields and benefit the future of our society,” said Taizo Son, president of Mistletoe. “Classting is creating a new learning environment and motivating students both inside and out of public education based on its great vision and IT technology. I hope that Classting will play a big role in helping kids all over the world to study happily and creatively. ”
Classting CEO Cho Hyun-gu said, “Classting`s vision of leading the future of education is becoming more clear with the investment from Mistletoe. The partnership with Mistletoe will be a tremendous help in achieving our goal of improving and innovating education. Classting uses IT technology, including Big Data and Artificial Intelligence, to create a new educational service that connects teachers, students and parents. We will continue efforts to create a more pleasant learning environment and a more reasonable education market as an edutech company in Asia and beyond.”
Classting is a K-12 education social platform that supports classroom communication, teaching and learning management for teachers, students, and parents. Classting`s founder is a former primary school teacher. Classting is popular among teachers who want better education communication tools, among students who prefer to use IT platforms, and parents who want to improve their children’s school life. As of September 2018, more than half of Korean teachers (about 180,000) are using Classting, and more than 4.5 million members in 15,400 schools and educational institutions have joined Classting. It is also spreading among teachers who see the same need in Asian countries such as Japan, Taiwan, Vietnam and Singapore. Classting provides personalized learning based on students’ diverse educational activities, aiming to improve the educational environment through technology.