Yanadoo Co., an affiliate of Kakao, announced on Tuesday that it attracted an investment of 30 billion won ($25.2 million) after a funding round, which included Korea Investment & Securities, KB Securities, Vision Asset Management, and Green Partners Asset Management.
The recent investment would allow Yanadoo to accelerate its growth as a comprehensive education platform.
Earlier this year, the educational technology (edtech) company merged with Kakao Kids Co. to expand its services in the edtech industry. The union combines Kakao Kids’ technology and financial power and Yanadoo’s extensive content and learning care services related to English education and marketing skills. The merger received attention for its potential, gaining a corporate value of 300 billion won.
Providing Broader Educational Services
A company official said that the company has since expanded its business fields to various educational services such as health care, customized lectures, as well as English content for children. Yanadoo Co. also focuses on offering goal achievement rewards through its app, which helps users get motivated in learning.
As the new service gained a good response in the market and the merger synergy began in earnest, the integrated subsidiary generated about 50 billion won ($42 million) in sales in the first half of this year alone. Yanadoo aims to achieve 100 billion won ($84 million) in sales by the end of this year. The company also plans to promote listing by next year.
“The achievement of surplus management and merger, and the funds invested in this time have provided sufficient funds to grow into a comprehensive education company.”
-Yanadoo Co-founder Kim Jeong-soo
Kim added that the company would expand and collaborate with other companies to provide broader services. Additionally, Yanadoo plans to invest in the development of original content related to English, hobbies, job training, and healthcare to serve more people.
