LingoAce is seeking to raise about $200 million in a funding round that could value the Singapore-based language learning startup at around $1 billion, according to people familiar with the matter.
(Bloomberg) — LingoAce is seeking to raise about $200 million in a funding round that could value the Singapore-based language learning startup at around $1 billion, according to people familiar with the matter.
The educational technology firm is working with an adviser on the fundraising and is in talks with prospective investors, the people said, asking not to be identified as the information is private.
Deliberations are ongoing and details of the funding round such as size and valuation could change, the people said.
A representative for LingoAce didn’t immediately respond to requests for comment.
Founded in 2017, the company formally known as PPlingo Pte is a Mandarin and English language-learning platform aimed at children from three to 15 years old, according to its website.
It has more than 4,500 teachers and offices in Singapore as well as in Thailand, Indonesia, China and the US.
LingoAce raised $160 million in series B and C rounds led by Sequoia Capital India, Tiger Global, Owl Ventures and SWC Global.
In May, the company named Asian-American basketball player and NBA championship winner Jeremy Lin as its global brand ambassador, according to a statement.
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