Chinese language-learning app operator LingoAce raises US$105 million from funding round led by Sequoia Capital
- Singapore-based LingoAce has now raised a total of US$160 million in new funding this year
- The firm may benefit from Beijing’s crackdown on domestic off-campus tutoring providers, as potential Chinese competitors face regulatory hurdles
Owl Ventures, Shunwei Capital and SWC Global took part in the Series C round, which brings the total raised this year to US$160 million, Singapore-based LingoAce said in a statement. Owl and Tiger Global led a US$55 million round earlier in the year.
LingoAce targets children from 3 to 15 with an app designed to make it easy for parents to plan and monitor their learning.
Its bookings have increased almost 4,000 per cent since the end of 2019, as the pandemic closed schools and other facilities, forcing children to study at home and forgo many after-school activities.
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“No one had built a global brand for Chinese language education,” LingoAce founder Hugh Yao said in emailed comments. “I saw an opportunity to build an immersive and effective language learning experience, especially for children growing up in families where Mandarin is not frequently spoken.”
