Ringle Raises $18M Series A for 1-on-1 English Tutoring

Ringle Secures $18 Million Series A Funding

While numerous prominent English tutoring platforms cater to children – examples include VIPKID and Magic Ears – Ringle distinguished itself by initially concentrating on adult learners. The company offers specialized courses such as business English and interview preparation.

Based in South Korea, Ringle recently announced the completion of an $18 million Series A funding round. This round was spearheaded by Must Asset Management, a returning investor, and has resulted in a company valuation of $90 million.

Expansion Plans and Investment Details

Ringle is preparing to introduce a program designed for school-aged children later in the year. Furthermore, the company intends to establish physical educational facilities in both South Korea and the United States.

This funding round, which brings Ringle’s total funding to $20 million, also saw participation from existing investors One Asset Management and MoCA Ventures. Additionally, Xolon Invest joined as a new investor.

Revenue Growth: Ringle reports a tripling of its revenue annually since its founding in 2015. Lesson bookings have increased by 390% compared to the previous year.

Current User Base and Tutor Network

Currently, Ringle boasts a network of 700 pre-screened tutors and a user base of 100,000 students.

Approximately 30% of Ringle’s student population resides outside of Korea, with significant representation from the U.S., the United Kingdom, Japan, Australia, and Singapore.

Founding and Core Philosophy

Ringle was co-founded by Seunghoon Lee and Sungpah Lee, both graduates of the Stanford University Graduate School of Business with MBAs.

The impetus for Ringle’s creation stemmed from the founders’ personal experiences as non-native English speakers navigating graduate studies in the U.S. Initially, the platform was designed to serve professionals and academics.

Ringle’s student roster includes individuals affiliated with major corporations like Google, Amazon, BCG, McKinsey, and Samsung Electronics.

Innovative Learning Materials

Seunghoon Lee shared with TechCrunch that Ringle develops unique learning resources centered around current events to maintain student engagement.

Recent lesson topics have encompassed blockchain and NFT technology, the social commentary within the film “Parasite,” and disparities in global vaccine distribution.

Rigorous Tutor Selection Process

Tutors are recruited from leading universities and are required to provide verification of their educational background, including school email confirmation.

The vetting procedure includes a mock teaching session with Ringle personnel. Applicants are expected to demonstrate familiarity with Ringle’s learning materials and conduct a complete lesson based on provided guidelines.

Ringle evaluates candidates based on their teaching proficiency and their capacity to facilitate stimulating discussions that simultaneously enhance students’ linguistic abilities.

Technological Advancements

A portion of the new funding will be allocated to the enhancement of Ringle’s technology platform.

The company is currently developing a language diagnostics system, in collaboration with researchers at KAIST (Korea Advanced Institute of Science and Technology), to assess the complexity and accuracy of students’ spoken English.

Ringle already utilizes an AI-powered analytics system that employs speech-to-text technology to measure speech rate, filler word usage, and vocabulary range during lessons.

This system provides students with feedback, enabling them to compare their performance against the top 20% of Ringle users across various metrics.

Future Developments

The new language diagnostics system, developed with KAIST, will begin rolling out features in the coming months. These will include speech fluency scoring, a personalized dictionary, and automated paraphrasing suggestions.

The funding will also support the creation of additional original learning content and the expansion of Ringle’s teams in Seoul and San Mateo, California.

Ringle intends to diversify its revenue streams by offering premium content through a subscription model. Additionally, a junior program for students aged 10 and above is scheduled for launch later this year.