AmazingTalker, a Taiwan-based tutoring innovator, said Wednesday it has received $15.5 million in Series A funding led by CDIB Capital, with participation from JAFCO Asia and from 500 Global.
The funding will power international expansion and service development for the platform as the company advances on its mission to simplify tutor and student discovery, AmazingTalker said in a statement.
It said the company plans to use the latest investment to grow its business in Southeast Asia, Japan, Korea, Europe and North America. It currently serves more than a million people across 190 countries in Europe, the Americas and Asia. It will also channel funds into recruiting global talent and growing the number of international users.
“It is our goal to become the world’s largest online tutor matching platform. The injection of $15.5 million 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,” said Abner Chao, Co-Founder and Chief Executive Officer of AmazingTalker.
AmazingTalker opined that the global appetite for learning continues to grow. Cited UNESCO, it said 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.
Cited Statista, it also said that by 2026, the total global e-learning market is set to nearly double its 2019 level to close to $400 billion.
Launched in 2017, AmazingTalker is a global online tutoring platform which enables people to change their lives through knowledge sharing. It has spanned three continents in Europe, the U.S., and Asia and has more than one million users, aiming to help tutors monetize without limits while empowering users to find the best way of learning.
The company aims to make it easy for anyone to learn through technology. It uses algorithms to match students and tutors precisely and efficiently within a few seconds. It 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.
From a tutor’s perspective, the platform widens the pool of prospective customers, and the core value is to enable them to maximize their earning potential by setting their fees independently. It also generates insights through data analysis of user behavior to help tutors continuously improve the quality of their teaching services.
Over the past five years, AmazingTalker has 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 and 1.1 million registered users, and has clocked 5.5 million online course reservations.
Up to now, AmazingTalker has received more than 15 million fundings from investors, including CDIB Capital, JAFCO Asia, 500 Global and SparkLabs Taipei.