Singaporean Woman Founder of Edtech Start-Up KOCO Secures SGD700k in Seed Funding and Launches KOCO Space for Parents
KOCO today announced that it has received a seed investment of S$700,000 by an undisclosed family office. This investment comes at an extraordinary time for KOCO as its EdTech services – KOCO Paper and KOCO Schools, are gaining business momentum during this pandemic. KOCO, with operations in both Singapore and Indonesia, has increased its user base to 11,000 in a span of 5 months.
The funding will accelerate KOCO’s growth strategy to meet the rapidly evolving needs in the education ecosystem. KOCO will further invest in identified strategic areas of growth, including its Artificial Intelligence (AI), and interactive end-to-end learning enablement platform for teachers, students, and parents.
Lenie Chow, Founder and CEO said, “Since its founding in March 2020, KOCO will continue to provide increasing value to parents, students and teachers. We have scaled rapidly in Singapore and Indonesia by anticipating and addressing consumer needs with a data-driven strategy underpinned by a talented team. The investments will accelerate the growth plans we have identified as more parents and teachers move towards digital solutions for education.”
KOCO began its expansion into the B2C segment with the launch of KOCO Space in Singapore. KOCO Space is an EdTech platform that aims to help Singapore’s parents with digital tools to browse for assessment books, assign practice worksheets, mark online and reward good progress. There are free learning and teaching content available for parents to use.
Commenting on this launch, Minh Lee, Head of Operations & Customer Success said “We have learnt that the parent journey of helping their child’s academic journey is full of trial and error and inefficiencies. More often than not, the process leads to parents paying more than they should. With KOCO Space, we aim to help resolve these pain points and help parents in a more cost-effective way to help their child’s academic progress – all online, all in one space.”
KOCO’s entry into the B2C segment is a key milestone in the company’s strategic evolution from a B2B LMS to becoming a full suite edtech platform. The edtech sector has seen interest heating up, with people forced to turn to online channels to continue their education due to social distancing measures to stem transmission of the highly contagious COVID-19 virus. According to a report released in November 2020 by internet group Google, Singapore state investor Temasek and U.S. consultancy Bain and Company, COVID-19 has rapidly accelerated the growth of edtech, with installations of the sector’s top applications in the ASEAN region growing three times, from 6 million between January and August 2019 to 20 million in the same period in 2020
KOCO Space works with relevant industry stakeholders, such as Singapore Asia Publishers where consumers can obtain e-assessment books on their platforms. Koco Space will offer annotation tools and children will be able to complete assignments conveniently online.
Lenie Chow adds, “KOCO’s technology uniquely offers a range of smart tools for every step of the child’s learning journey – from browsing learning content, to assigning learning content, and lastly monitoring and rewarding effort. We use KOCO’s proprietary data to constantly monitor child’s progress and aid in the child’s learning journey, making it seamless for the parent.”
KOCO began at the peak of the COVID-19 pandemic. Sensing a new learning normal unfolding, KOCO’s vision to mould tomorrow’s learning community today has seen the company launch 3 products in one year alone. Koco’s fast growing cross-cultural team on a mission to deliver an advanced teaching and learning space that will enable customised teaching, seamless hybrid classrooms as well as a fun, smarter digital learning space.
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