Extending questions from the online Q & A to the course content makes it easier to ask questions.
It is learned that the online tutoring brand “Snapask” has announced the completion of a $ 35 million Series B financing , which will be completed in 2018. Since then, the total amount of financing has increased to 50 million US dollars. This round of financing was led by Singapore Asia Partners and South Korea’s Intervest. These funds were dedicated to the development of Snapask ’s Southeast Asian business and expanded to potential new markets, including Vietnam.
While completing fundraising activities, “Snapask” stated that it will open its regional headquarters in Singapore to serve a growing customer base and will focus on developing analytical products to promote autonomous learning technology for video learning And content.
“Snapask” was founded in 2015. The company targets 10-18 year old student users, and uses online 1-on-1 questioning as the starting point to provide students with live answers for about 20 minutes. The content of the questions is uploaded by students taking photos After the system is matched, the appropriate teacher is selected for the students. The company has also developed course content, which is provided as a member authority, hoping to become a comprehensive online tutoring company. At present, “Snapask” has set foot in the markets of Southeast Asia, Hong Kong, Singapore and Japan and South Korea. The local teacher team is selected to break through the barriers of language and localization.
The Southeast Asian market is a relatively important strategic location for the company. Due to the low market maturity, the pattern of online education has not yet formed, and the number of head players is still not obvious. Compared with the mature Japanese and Korean education market, it has an advantage in customer acquisition costs; and due to Southeast Asia The market is relatively large. When the brand advantage and scale effect are established, the company’s revenue will increase significantly.
“Snapask” believes that the operational barriers to cross-regional online education products are not the technology itself. The most important thing is the localization of teaching materials and teachers. When entering a market, the company will use subsidies to retain outstanding teachers, while using word-of-mouth marketing to rapidly develop the scale. When the number of paying users reaches 1,000-1500, the subsidy can be reduced. Teachers can achieve substantial income without relying on platform subsidies. Snapask uses local teams to advise teachers and hire students.
In the Chinese market, star search companies such as Little Ape Search, Afan, and Homework have been competing for years in the photo search field. Among them, the Afanti app also provides live teacher Q & A functions, from elementary school to high school seniors. The course content includes all exam subjects in the grade. Users pay the platform by purchasing the Q & A time.The minimum average tuition fees for elementary, middle and high schools are 1.2 yuan / minute, 1.3 yuan / minute and 1.4 yuan / minute.
(“Snapask” interface)
Company CEO Timothy Yu believes that the education market needs a variety of products to meet different needs. There is no way for a company to satisfy all students. Each teacher has a different style. Even if the content is similar, a product that will satisfy all consumers in the market will not exist. Therefore, diversification will be the main theme of the market. The “Snapask” online Q & A model is relatively new in the market and will have its own space in the K12 market.
At present, the company’s profit mainly comes from users’ payment of answer packs or members. The platform currently has 3 million registered users, and the Southeast Asian market has started to profit. In terms of cost, “Snapask” ’s largest expenditure comes from teachers’ salaries. Timothy said that 50% of students ’fees will be repaid to teachers. After deducting operating costs, the platform ’s net profit only accounts for 20%.“ Excellent teachers can help students grow. Faster, and we want them to have better income. “
(“Snapask” CEO Timothy Yu)
When talking about future planning, Timothy said, “Our company culture is always keeping in mind long-term sustainable development, not pursuing unrealistic excessive growth. We will continue to invest in products and content to meet the needs of students. The demand for learning is focused on promoting autonomous learning and creating an environment so that students can compete and cooperate with their peers. “The epidemic also witnessed a surge in users of” Snapask “, which Timothy believes is precisely a reflection of consumer demand for products and Approved.
Investors in the early days of “Snapask” include Meitu’s founder Cai Wensheng, former Tencent CTO Zhang Zhidong, SOSV and Chinaccelerator.