Globish Academia (Thailand) Co. Ltd or Globish, an EdTech startup and Thailand’s first live online learning platform developer, successfully closed a Series A+ fundraising deal.
The Digital Economy Promotion Agency (depa) is the first Thai government agency to form joint venture investments in digital startups with leading partner companies — Premier, N-VEST Venture, Top Itthipat, ECG Research, 500 Tuktuks, Stormbreaker Venture, and strategic investors.
The more than 90-million-baht ($2.36 million) investment will accelerate Globish for international markets and expansion to ASEAN following the company’s business in Vietnam. There are huge potentials for Thailand to achieve regional leadership in EdTech. In the contemporary labor market, language is a crucial skill and always the first to be upskilled and reskilled. Despite the easing of COVID-19, consumers are increasingly turning to learning models that incorporate online technology.
Globish has proactive plans to penetrate both domestic and international markets with the target of 500,000 classes this year, as well as adding instructors and coaches to support the expanding market. By 2025, Globish is expected to generate an income of 1,200 million baht, aiming to become an ASEAN EdTech leader.
Assistant Professor Dr. Nuttapon Nimmanphatcharin, President and CEO of the Digital Economy Promotion Agency (depa), disclosed that there are numerous Thai digital startups with the potential for international expansion, but which may not have received the proper government support.
“depa”, in its role of promotion agency, has been supporting and accelerating the business growth of startups. In addition, the government has had to be proactive, adapt to changing markets, and collaborate with private sector experts in order to propel these potential startups.
Depa and its network of leading venture capital partners, including Premier, N-VEST Venture, ECG, 500 TukTuks, StormBreaker Venture, RareJob, and BonAngels, have invested in Globish Academia (Thailand) Co. Ltd. the developer of a one-on-one foreign language learning platform with native speakers through direct communication on a video call system under the name GLOBISH.
This digital startup in education technology, or EdTech, is in its Growth Stage with over 90 million baht invested to bring it up to the Series A+ level.
“GLOBISH is a Thai digital startup supported by depa since the Pre-Series A phase. We have overseen and noticed its business efficiencies, as well as its growth potentials, which are in line with educational technology trends. Depa and its partner network’s investment in GLOBISH are the largest direct first-time investment in digital start-up by a government agency. This will be an important driver for GLOBISH to continuously expand its business. In addition, depa and partners will be the ‘bridge’ connecting GLOBISH to international markets, both regional and global.
Depa will add credibility to expand the cooperative network, and prepare GLOBISH to become Thailand’s next unicorn,” said Asst. Prof. Dr. Nuttapon.
Takarn Ananthothai, Chief Executive Officer and Co-Founder of GLOBISH Academia (Thailand) Co. Ltd. or GLOBISH, revealed that after the fund-raising, the company will continue to upgrade its organization to become the EdTech leader of ASEAN.
The company will then turn its sights to the global market by extending its platform beyond languages to other skills and will be one of the Tomorrow Educational Leaders by 2023.
GLOBISH will penetrate domestic and international markets with native coach teams of more than 400 individuals from various countries, such as the United Kingdom, the United States, South Africa, Egypt, India, Ukraine, and the Philippines.
The plan is to increase to 1,000 coaches to support the market expansion. GLOBISH has recently begun expansion in Ho Chi Minh City, Vietnam. As the business has continued to grow, the company is now ready to expand into more markets, such as Pakistan and Bangladesh, and become a regional EdTech leader with a target of 500,000 classes by the end of 2022.
Chuencheewan Wongsaeree, Chief Business Officer and Co-Founder of the Globish Academia (Thailand) Co. Ltd., said that educational inequality was an insuperable problem in many institutions. With only one teacher, large class sizes are not favorable.
As a result, Thai students have had less access to English language skills and enter the workforce with language weaknesses. To be competitive in a labor market requiring good language skills, language reskilling and upskilling are needed for intensive self-learning.
After the Covid-19 crisis, the labor market around the world has changed. Thailand has been facing a Talent War. This situation has encouraged organizations to provide opportunities for employees to enhance their knowledge and skills, especially English, which is a portal to greater knowledge and business opportunities without borders. This has enabled the EdTech industry in Thailand to expand, and Thailand is a top country in ASEAN that continues to grow its startup industry in line with international trends. Despite the easing of COVID-19, more consumers have turned to EdTech to improve their skills with an online learning format.
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