Thai Edtech Startup Concile Raises $900K in Funding from 500 Tuk Tuks
Thailand-based edtech startup Concile, a platform which helps companies improve skills of their employees, recently raised US $900,000 in pre-series A funding from Humanica, Stormbreaker venture and 500 Tuk Tuks, a microfund of Silicon Valley?s 500 startups that is focused on Thailand.
Concile was founded in 2014 to cater to businesses to re-skill or develop skills among their workers through its learning management system (LMS). Its platform uses data to personalize learning content for users.
WIth the new funding, Concile is planning to expand their reach in the international education market. The company has plans to spend on product development to gain from the 1 billion Baht (US$30 million) LMS market and 10 billion baht (US$ 300 million) corporate training marketing in Thailand.
As per a report in Tech in Asia, the CEO and co-founder of Concile, Poon Nakorn, said that in the next three to five years, they will move from being just a learning platform to a ?people development ecosystem.? He added, ?in terms of growth, we aim to become a regional tech company that helps organizations in the Southeast Asia region, which is a region of great growth and clear demands in terms of workforce development.?
Up until now, the startup has signed up more than 500,000 users from over 30 organizations, including AIA Group, PTT Group, Makro, and Honda.
As per Stormbreaker Venture?s managing director Janatanarak Tuekaew, the global LMS market will grow to reach an estimated size of US$18.8 billion by 2024, with a US$1.5 billion contribution from Southeast Asia.
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