Start@SG: Education tech start-up Ruangguru raises funds

Education tech start-up Ruangguru raises funds

Indonesian education technology start-up Ruangguru has raised an undisclosed round of Series B funding led by UOB Venture Management, the private equity arm of United Overseas Bank.

The funds will be used to boost Ruangguru's team and deepen product adoption in Indonesia. The company said it will also continue to explore ways to personalise education services through machine learning. Ruangguru's platform is targeted at elementary, middle and high school students. It has secured partnerships with 27 out of 34 provincial governments and more than 300 city and regency governments in Indonesia.

The partnerships allow students to access Ruangguru's learning management system, which includes question banks, classroom management and exam simulations. The firm also offers learning video subscriptions, a private tutoring marketplace, on-demand in-app tutoring services and online exam simulations.

Fundnel expands to Australia

Singapore private investment platform Fundnel has expanded into Australia and will be based in Adelaide.

Fundnel Australia will also build its presence in other key cities like Sydney, Melbourne and Perth. The company already has regional offices in Indonesia, Malaysia and India.

The Australian operations will be headed by Dr Steven Fang, co-founder and former chief executive of equity crowdfunding platform CapBridge. Fundnel's platform in Australia will connect accredited Australian investors with local opportunities while helping local businesses accelerate their growth through capital raising.

"Australian investors tend to favour domestic opportunities, and there is a high level of enthusiasm in supporting local - a similar sentiment that resides at the core of Fundnel's beliefs," said its co-founder and chief executive Kelvin Lee.

Mighty Bear raises seed funding round

Singapore gaming studio Mighty Bear has raised a US$775,000 (S$1.1 million) funding round led by Global Founders Capital, the venture capital arm of German Internet company builder Rocket Internet.

Mighty Bear aims to build "the next generation of massively multiplayer online mobile games". The team is made up of gaming industry veterans from King - the maker of Candy Crush Saga - as well as Ubisoft, EA, Lucasarts, Disney, Gameloft and Jagex.

A version of this article appeared in the print edition of The Straits Times on July 11, 2017, with the headline 'Start@SG'. Print Edition | Subscribe