Why it matters: FreeWheelin, a South Korean edtech company, has secured KRW 7 billion (approximately $5.4 million) in a Series B funding round led by Smilegate Investment.
Altos Ventures also participated in the funding round.
This comes just two years after the firm gained Series A funding from Altos Venture and DSC Investment, demonstrating continued investor interest in its mission to improve access to education.
- FreeWheelin's product, Math Flat, is a unique technology-integrated teaching solution adopted by approximately 300 secondary schools and 5,700 math cram schools.
- The company has curated a database of approximately 700,000 math resources in partnership with textbook publishers that teachers can use without copyright concerns.
- FreeWheelin has been recognized as a 2022 Baby Unicorn and a 2023 ICT Global Future Unicorn, highlighting its potential in the edtech sector.
- The company plans to use the new funding to expand its capabilities and refine its product offering, in line with the increasing prevalence of tablets in education.
The Big Picture: FreeWheelin's Math Flat service is a comprehensive solution for educators.
It supports custom problems tailored to each student's academic level and provides resources for managing multiple students.
The company reports high user satisfaction and a 97.6% monthly re-purchase rate.
FreeWheelin's CEO, Ki-Sung Kwon, explains that Math Flat aims to "provide individualized education in the classroom to the satisfaction of both students and teachers."