Amidst a challenging economic climate, I Hate Flying Bugs Inc. (IHFB), the operator of the AI-powered online tutoring platform “Mildang PT,” has successfully closed its Series C bridge funding round, raising KRW 200 billion. This impressive feat demonstrates the company’s strong growth potential and investor confidence in its innovative education solutions.
The bridge round saw participation from a consortium of leading investors, including KDB Industrial Bank, JianTech Venture Investment, Shinhan Capital, Posco Technical Investment, Harang Technical Investment, Rainier Partners, and others. The initial investment of KRW 16.5 billion commenced on December 28, 2023, with an anticipated follow-on investment of KRW 40 billion or more in early 2024.
This latest funding comes eight months after the company’s KRW 300 billion Series C round led by Deep Dive Partners and Moolim Capital in April 2022. New investors such as Korea Growth Finance, Shinhan Financial Group (Shinhan Bank, Shinhan Capital), Hana Financial Group (Hana Bank, Hana Securities), and Kyobo Group joined the round, alongside a follow-on investment from existing shareholder IBK Capital.
I Hate Flying Bugs Inc.’s success in securing additional funding during a period of economic uncertainty underscores the strength of its business model and the value proposition of its flagship product, “Mildang PT.” This AI-powered platform focuses on delivering personalized online tutoring for middle and high school students in English and math through its “Personal Teaching” approach. Combining tailored exam preparation, based on an extensive 1.3 billion data point dataset, with intensive learning management under the guidance of top-tier instructors, “Mildang PT” offers a high-quality and affordable solution for educational advancement.
The company’s ability to attract prominent investors amidst challenging market conditions highlights its impressive track record and promising future. With its latest influx of capital, I Hate Flying Bugs Inc. is poised to accelerate its growth and further solidify its position as a leading innovator in the educational technology landscape.
