Snapask, a Hong Kong-based startup that allows students to get on-demand homework help from tutors, announced today it has raised a US$5 million Series A and will use the money to expand into Southeast Asia.
Participating in the round were Kejora Ventures, Cai Wensheng (the Chairman of Meitu), and Welight Capital. WeLight Capital recently participated in the gigantic Live.me round. Other investors were not disclosed.
The startup is establishing a regional headquarters in Singapore to begin its Southeast Asia push. With 300,000 students and 17,000 tutors on the platform in Hong Kong and Taiwan, Snapask is hoping Southeast Asia can lead to significant growth for the company.
“We hope to get at least 4,000,000 students in Southeast Asia using Snapask’s products and services by the second quarter of this year,” said the Founder and CEO of Snapask Timothy Yu in a statement.
“We have already entered the Malaysian market and are readying plans for Indonesia.”
This expansion into Indonesia is where Kejora Ventures is going to play a large role. Kejora plans to help Snapask in Indonesia with its local knowledge and market-entry experience.
In an email to e27, Yu said the company has plans to become a global player and enter 30 countries by 2020.
“We will also continue to enhance our existing products and develop new ones that better utilise our students’ data to provide more personalised learning experiences and academic support,” he said.
Tutoring made easy
Snapask is using artificial intelligence and cloud computing to help make studying easier, and more interactive.
Students snap a picture of a troublesome question and submits it to the platform. The algorithm then does its magic, puts the question in front of a tutor who knows the subject, who responds. Voila! Studying made simple.
At the end of 2016, Snapask launched a quizzes tool that lets students take practice tests and keep track of their scores over time.
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The company makes money by offering premium packages. So in Singapore, 25 questions per month costs S$49.95 (US$69), 99 questions is S$128.95 (US$93) per month and unlimited questions is S$268.95 (US$195).
Yu and his Co-founder Bradley Chiang were named as Forbes 30 under 30 entrepreneurs under the consumer technology section.