Quest, a Thailand-based coding education platform, announced that it has closed a six-digit seed funding round with Singapore-based VC firm Reapra and angel investors.
It plans to use the new funds for its real-time coding talent platform that uses a full-stack automated teaching curriculum backed by blockchain.
Quest started from the Edtech Hackathon 2018 in Bangkok and was selected as a finalist for Project Alpha by Singapore-based SeedPlus. It focuses on soft skills and coding skills, and monetizes the service through a workforce reskilling program.
According to the company, up to 20 million manufacturing jobs around the world could be replaced via automation by 2030. It then sees a business opportunity in reskilling people to help them find better job opportunities.
The company also said it’s expanding to start an online conferencing business with its Reach LeanSpace product to provide an education solution for small and medium-sized enterprises in Thailand.
According to Markets Insider, the global e-learning market is expected to reach USD 238 billion by 2024 at a compound annual growth rate of 8.5%. The Asia Pacific region, especially India and Southeast Asia, represents a huge growth potential for the education industry revenue.
Last year, Jakarta-based Ruangguru raised USD 150 million in a Series C round led by General Atlantic and GGV Capital, which is said to be one of the largest rounds for an edtech company in Southeast Asia. India-based Byju’s is valued at about USD 8.2 billion after a USD 200 million funding round also with General Atlantic.
Kirk Pathumanun, CEO and co-founder of Quest, told Tech in Asia that the company is looking to raise more funds from Reapra, local agency Depa, and another investor by Q4 2020 in a multi-party investment deal.
The startup earlier received USD 80,000 in grants from Depa and TED funds for its blockchain-backed workforce management app.
This article first appeared in Tech in Asia.