South Korea-Based Edtech company FreeWheelin Raises $5.4M in Series B Round

FreeWheelin, a South Korean educational technology company, has secured KRW 7 billion (approximately $5.4 million) in its Series B round led by Smilegate Investment. The funding round also saw participation from Altos Ventures. This comes just two years after the firm gained Series A funding from Altos Venture and DSC Investment, demonstrating continued investor interest in its mission to improve access to education.

FreeWheelin’s product, Math Flat, is a unique technology-integrated teaching solution adopted by approximately 300 secondary schools and 5,700 math cram schools. The platform provides services, including generating homework books, combining services with textbooks, managing mistakes made by students and analyzing their performance data to help educators to prepare for the course more effectively. The company has curated a database of approximately 700,000 math resources in partnership with textbook publishers that teachers can use without copyright concerns.

According to the CEO of FreeWheelin, Ki-Sung Kwon, Math Flat aims to “provide individualized education in the classroom to the satisfaction of both students and teachers.” With this new fundraising, the startup plans to expand its capabilities and refine its product offering in line with the increasing prevalence of tablets in education.

The firm has been recognized as a 2022 Baby Unicorn and a 2023 ICT Global Future Unicorn, highlighting its potential in the EdTech sector. Math Flat service is a comprehensive solution for educators. It supports custom problems tailored to each student’s academic level and provides resources for managing multiple students.

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