Globish Academia (Thailand) Co. Ltd. or Globish, an EdTech startup and Thailand’s first live online learning platform developer, successfully closed a Series A+ fundraising deal. Digital Economy Promotion Agency (depa) is the first Thai government agency to form joint venture investments in digital startups with leading partner companies — Premier, N-VEST Venture, Top Itthipat, ECG Research, 500 Tuktuks, Stormbreaker Venture, and strategic investors. The more than 90-million-baht investment will turbocharge GLOBISH for foreign markets and expansion to ASEAN following a GLOBISH business in Vietnam. There are huge potentials for Thailand to achieve regional leadership in EdTech.
On the contemporary labor market, language is a crucial skill and always the first to be upskilled and reskilled. Despite the easing of COVID-19, consumers are increasingly turning to learning models that incorporate online technology. Globish has proactive plans to penetrate both domestic and international markets with the target of 500,000 classes this year, as well as adding instructors and coaches to support the expanding market. By 2025, Globish is expected to generate an income of 1,200 million baht, aiming to become an ASEAN EdTech leader.
Asst. Prof. Dr.Nuttapon Nimmanphatcharin, President or CEO of the Digital Economy Promotion Agency (depa), disclosed that there are numerous Thai digital startups with the potential for international expansion, but which may not have received the proper government support. “depa”, in its role of promotion agency, has been supporting and accelerating the business growth of startups. In addition, the government has had to be proactive, adapt to changing markets, and collaborate with private sector experts in order to propel these potential startups.
Depa and its network of leading venture capital partners, including Premier, N-VEST Venture, ECG, 500 TukTuks, StormBreaker Venture, RareJob, and BonAngels, have invested in GLOBISH Academia (Thailand) Co., Ltd., the developer of a one-on-one foreign language learning platform with native speakers through direct communication on a video call system under the name GLOBISH. This digital startup in education technology, or EdTech, is in its Growth Stage with over 90 million baht invested to bring it up to the Series A+ level.
“GLOBISH is a Thai digital startup supported by depa since the Pre-Series A phase. We have overseen and noticed its business efficiencies, as well as its growth potentials, which are in line with educational technology trends. Depa and its partner network’s investment in GLOBISH are the largest direct first-time investment in digital start-up by a government agency.
This will be an important driver for GLOBISH to continuously expand its business. In addition, depa and partners will be the ‘bridge’ connecting GLOBISH to international markets, both regional and global. Depa will add credibility to expand the cooperative network, and prepare GLOBISH to become Thailand’s next unicorn,” said Asst. Prof. Dr. Nuttapon.
Takarn Ananthothai, Chief Executive Officer and Co-Founder of GLOBISH Academia (Thailand) Co., Ltd. or GLOBISH, revealed that after the fund-raising, the company will continue to upgrade its organization to become the EdTech leader of ASEAN. The company will then turn its sights to the global market by extending its platform beyond languages to other skills and will be one of the Tomorrow Educational Leaders by 2023. Our platform helps upskill and reskill efficiently and effectively. GLOBISH will penetrate domestic and international markets with native coach teams of more than 400 people from many countries, such as the United Kingdom, America, South Africa, Egypt, India, Ukraine, and the Philippines.
The plan is to increase to 1,000 coaches to support the market expansion. GLOBISH has already recently begun expansion in Ho Chi Minh City, Vietnam. The business has continued to grow, so the company is now ready to expand into more markets, such as Pakistan and Bangladesh, and become a regional EdTech leader with a target of 500,000 classes by the end of 2022.
The GLOBISH vision is to “Empower People for Growth”, as the company aims to improve Thai people’s capabilities for present and future opportunities. The GLOBISH learning platform allows learners to have their own private classes. The company has developed curricula to match learners’ behaviors and meet the needs of the global labor market.
This key strength has made GLOBISH outpace its growth targets each year with over 300,000 classes teaching English and Chinese to learners who break down into 20 percent students and 80 percent of working age. GLOBISH aims to achieve 1,200 million baht of revenue by 2025.
Chuencheewan Wongsaeree, Co-Founder and Chief Business Officer of the Globish Academia (Thailand) Co. Ltd. or Globish, said that educational inequality was an insuperable problem in many institutions. Large class sizes are not favorable with only one teacher. As a result, Thai students have had less access to English language skills and have joined the workforce with language weaknesses. To be competitive in a labor market requiring good language skills, language reskilling and upskilling are needed for intensive self-learning.
After the Covid-19 crisis, the labor market around the world has changed. Thailand has been facing a Talent War. This situation has encouraged organizations to provide opportunities for employees to enhance their knowledge and skills, especially English, which is a portal to greater knowledge and business opportunities without borders.
This has enabled the EdTech industry in Thailand to expand, and Thailand is a top country in ASEAN continuing to grow its startup industry in line with international trends. More consumers have turned to EdTech to improve their skills with an online learning format, despite the easing of COVID-19. This includes more than 300 leading organizations such as FWD or iCE Consulting — a unit of iiG Group, which is a digital technology consultancy for businesses.
In addition, there is the design of specific courses tailored to the organization’s goals, such as the Tech Talent course for tech workers. The Globish platform’s focus on developing English skills emphasizing communication is crucial, as most learners are senior executives seeking to brush up their presentation and speaking skills in meetings.
Globish has received many national and international awards, including the Prime Minister’s Digital Awards 2020 in the Digital Startup category, Thailand Founder of the Year Award, Rice Bowl Startup Award 2018, Best Social Business Award, JUMC STAR 2017 from the MBA Alumni Association, Faculty of Commerce and Accountancy, Chulalongkorn University together with the Faculty of Commerce and Accountancy Chulalongkorn University, [email protected] as a Top 3 Startup from Southeast Asia, the 1st runner-up from Swiss Innovation Challenge 2016 and the latest award from Grand Winner from SPARK Ignite 2022 by HUAWEI.