Recently, K12 education technology company WonderMind announced the completion of a multi-million seed funding round. This round of funding was led by ATM Capital, with participation from a co-founder of a well-known education company and Southeast Asian entrepreneurs. It's reported that this funding will be used for product development and talent recruitment.
The founding team of WonderMind stated, "We are honored to gain the trust and support of ATM Capital. With a wide and profound network in Southeast Asia, ATM Capital provides growth capital for WonderMind and offers assistance in localization and strategic resources. We will provide students with more innovative educational products and fully contribute to developing education in Southeast Asia."
ATM Capital expressed that the members of the WonderMind team possess rich practical experience and a strong theoretical foundation in the education field. By relocating to Indonesia and conducting in-depth research, the team has developed a profound understanding of the local education market's needs and characteristics. Drawing inspiration from international advanced educational concepts and methods and combining them with the practicalities of the Southeast Asian region, they will provide innovative and practical curriculum products for local students.
WonderMind was founded in May 2023 by four seasoned professionals in the education industry in Singapore. Each of them possesses an average over 15 years of experience in both offline and online education. These individuals have held executive positions at well-known education companies such as New Oriental, TAL Education Group, and Gaotu Techedu Inc., overseeing comprehensive teams with billions in revenue and thousands of employees and serving over a million students.
As the first Chinese-backed venture capital firm focusing on the Southeast Asian market, ATM Capital has accumulated years of experience and has established a strong presence in the region. The fund invested in and deeply incubated several local representative projects, such as J&T Express ( a technology-innovative express delivery company), Y.0.U (a leading beauty brand in Southeast Asia), Jet Commerce (a comprehensive e-commerce service provider), MAKUKU (a prominent mother and baby brand in Southeast Asia), TOMORO COFFEE, and others.
ATM Capital's investment decisions are based on two core principles: firstly, leveraging Southeast Asia and its unique position to discover new opportunities in the rapidly evolving industry landscape; secondly, investing in emerging markets within Southeast Asia with the aim of bridging the digital gap between developed and developing countries. Additionally, since its inception, ATM Capital has consistently incorporated ESG (Environmental, Social, and Governance) management principles into its business development and investment activities, considering the social value of projects as part of its comprehensive assessment.
From the perspective of the education market, Southeast Asia is emerging as a significant market suitable for the development of the education technology industry due to its advantageous population size and age structure. With its population nearly 700 million, Southeast Asia is becoming the next major market for the education technology sector. According to the Business Times, 26% of the population in Southeast Asia falls within the school-age demographic. Over the past five years, the population of ASEAN countries has grown at a compound annual growth rate of 1.2%.
According to Statista data, in 2020, the average fertility rate per woman in ASEAN was 2.2 children. Countries like Indonesia and the Philippines have fertility rates above this average. The number of school-age individuals in Southeast Asia is expected to further increase, making them a crucial user group for educational companies.
Thanks to the population dividend, economic growth, and strong government support for education in the Southeast Asian region, the K12 education market where WonderMind operates is filled with immense potential and room for development. On one hand, WonderMind can utilize advanced teaching technologies and methods to create an engaging learning environment, enhancing students' learning outcomes and creativity. On the other hand, by providing online learning courses, it can offer equal educational opportunities, enabling more students to access high-quality education and thereby generating more value for society.
The founding team of WonderMind aims to ride the wave of artificial intelligence in the backdrop and capitalize on the rapid development in Southeast Asia. They seek to explore a novel OMO (Online Merge Offline) model within the education industry, offering students enhanced in-school and out-of-school educational products and learning solutions.
ATM Capital is eager to collaborate with this team to drive the development of the education industry in Southeast Asia and nurture more outstanding talents. By providing high-quality K12 education services, this partnership aims to aid in cultivating individuals in the region with innovative spirits and international perspectives, infusing new vigor into socio-economic development. Furthermore, it aims to contribute positively to promoting educational equity, reducing educational disparities in the region, and playing a vital role in realizing sustainable development in Southeast Asia.