Education Startup Enuma Secures USD 9 Million in Series B Round of Financing

By CIOReview | Friday, May 22, 2020

Fremont, CA: Education technology firm Enuma raised USD 9 million in a Series B funding round led by YellowDog’s Director, Hyunjoo Je. The round was also participated by SKS PE, SK Holdings, Kakao Ventures, and Shinhan Alternative Investment from Korea, the Kuok Group from Malaysia, and the HEAD Foundation from Singapore. Enuma is best known for its children’s app Todo Math and as a winner of the Global Learning XPRIZE competition.

“Enuma’s digital solutions have recently received a lot of attention from both the private and public education markets. We are going to lead the transformation of the education market worldwide by bringing innovative digital-based solutions, and not let it become a short-lived trend triggered by COVID-19,” said Sooinn Lee, CEO of Enuma while sharing her aspiration. The company and its application have emerged as a boon to families during the OCVID-19 pandemic.

The new round of financing takes the company's total raised capital to over USD 18 million. The company was founded in 2012 and has since developed game-based, self-directed applications for children to help them acquire foundational math and literacy skills even without adult support. The accessibility and inclusivity to enable all children, including children who find learning more challenging or have learning differences, to engage in learning together joyfully distinguish Enuma's products from that of its competitors.

"In this era of COVID-19, where distance learning solution is needed, Enuma offers products that teach early learners basic English reading, writing, and numeracy through apps only. As a company that is at the forefront of the online self-directed learning trend, I look forward to Enuma’s remarkable growth,” said Hyunjoo Je, who also led Enuma's last funding round in 2018.

The company's flagship product Todo Math has recorded over 8 million downloads since its launch in 2014 and was ranked as the No 1 app on the app store in the education category in Korea and Japan recently. Last month, Enuma launched a new app in Korea called Todo English. Combining game-based learning activities, worksheets, and videos while sharing progress reports with parents through chatbots, Todo English has quickly gone viral, with rapid revenue growth, as a substitute to English kindergartens and afterschool programs for young learners who are at home due to COVID-19.