South Korea-based Ringle, a premium 1:1 online English learning platform that connects top tutors with employees looking to perfect their business English and interview preparation, raised US$ 18M in Series A round on 12 June 2021.
Investors: The funding round was led by existing investor Must Asset Management, at a valuation of US$ 90 million. Other participants included One Asset Management and MoCA Ventures, along with new investor Xolon Invest. The total amount raised by Ringle stands at US$ 20 million,
Purpose of the investment: The funds raised will be used by Ringle to launch a program for school kids later this year, and open offline educational spaces in South Korea and the United States.
Founded in 2015 by Seunghoon Lee and Sungpah Lee, Ringle has created a niche for itself by focusing on adults first. Its mission is to break down linguistic barriers, bridge cultural gaps, and allow talented global professionals to exchange knowledge. Becoming a tutor at Ringle is a great job for students that are looking for flexibility. Some of the main features of the website are –
- Flexible: Tutors can choose their own hours and work from home
- Networking: Helps to hone interpersonal skills and cultural awareness
- Hassle-free: Tutors need not worry about preparing lesson plans as Ringle packets can do that work.
The tutors are recruited from top universities and need to submit proof of education. They also have to attend a mock session with Ringle staff where they can familiarize themselves with some of Ringle’s learning materials and lead a full lesson based on its guidance. They are assessed based on their teaching skills and ability to lead engaging discussions.
Ringle claims that its revenue has grown three times every year since it was founded in 2015, and bookings for its lessons have increased by 390% compared to the previous year. At present, Ringle has about 700 tutors pre-screened by the company and 100,000 users. Around 30% of its students are based outside of Korea, including in the U.S., the United Kingdom, Japan, Australia and Singapore. The users of Ringle include people who have worked for companies like Google, Amazon, BCG, McKinsey and Samsung Electronics.
Both the founders of Ringle are MBA graduates from the Stanford University Graduate School of Business. The idea of developing Ringle is based on the challenges they faced as non-native English speakers and graduate students in the U.S.
What the founders have to say: “Ringle creates proprietary learning materials based on current events to keep its students interested. For example, recent topics have included blockchain NFT tech, how the movie “Parasite” portrayed class conflict and global inequalities in vaccine access.” – Seunghoon, co-founder of Ringle.
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