Freewheelin Raises $5.37 Million in Series B funding for Edtech Math Education Company

Freewheelin, which operates the math tutoring service “Mathflat”, has raised a total of $5.37 million (KRW 7 billion) in Series B funding from Smilegate Investment, KB Securities, Altos Ventures and Woori Venture Partners.

The investment was led by Smilegate, with follow-on participation from existing investors Altos Ventures and DSC Investment, and comes just two years after the company raised Series A funding from Altos Ventures and DSC Investment in early 2021.

Freewheelin is an edtech company founded in 2017 with a mission to make education smarter and more accessible. Freewheelin’s service, Mathflat, is an educational solution for teachers that combines math education with IT technology to deliver customized math content to students. Currently, approximately 300 secondary schools and 5,700 math academies have adopted and are using Mathflat.

In particular, Freewheelin has about 700,000 self-generated math contents by connecting with textbooks and commercial textbook publishers. The main competitive advantage of Mathflat is that teachers can use the problems without worrying about copyrights. As a result, it was selected as a Baby Unicorn by the Ministry of SMEs and Startups in 22 and an ICT Global Future Unicorn by the Ministry of Science and ICT in June 23.

In addition, it is becoming a comprehensive solution for mathematics education that can support all problems that match students’ academic achievements and manage students individually for schools and mathematics academy teachers who need to manage multiple students. In fact, it pays attention to having a high customer satisfaction rate of 98.6% user satisfaction and 97.6% monthly repurchase rate.

“Mathflat strives to cross the boundaries of private and public education to enable personalized education in the classroom to the satisfaction of both students and teachers,” said Kiwung Kwon, CEO of Freewheelin. “With this investment, we will enhance our product to solve teachers’ pain points and establish ourselves as a popular educational service that can be passed on to students.”

With this investment, Freewheelin will strengthen its capabilities by hiring talented people in all areas and enhance its products with digital education services that can satisfy both teachers and students in line with the expansion of tablets in education.