KOCO, a Singaporean digital learning startup, announced it has raised a seed investment of S$700,000 (US$521,000) from 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 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. The startup’s fast growing cross-cultural team is on a mission to deliver an advanced teaching and learning space that will enable customized teaching, seamless hybrid classrooms as well as a fun, smarter digital learning space.
The startup has its operations in both Singapore and Indonesia, and it claims to have increased its user base to 11,000 in a span of 5 months.
Speaking about the company, Lenie Chow, Founder and CEO of KOCO, said,
"Since its founding in March 2020, KOCO 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. It provides free learning and teaching content for parents to use.
Commenting on this launch, Minh Lee, Head of Operations & Customer Success, KOCO, 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 Space works with relevant industry stakeholders, such as Singapore Asia Publishers, where users can obtain e-assessment books on their platforms. KOCO Space will offer annotation tools and children will be able to complete assignments conveniently online.
According to Lenie Chow, "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.''
According to a statement, the funding will accelerate KOCO's growth strategy to meet the rapidly evolving needs in the education ecosystem. It said the startup will further invest in identifying strategic areas of growth, including its Artificial Intelligence and interactive end-to-end learning enablement platform for teachers, students, and parents.