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FLEXCIL Raises Over KRW 50 Billion to Revolutionize Digital Learning

2024-02-23 3 min read


FLEXCIL Raises Over KRW 50 Billion to Revolutionize Digital Learning

Reading Time: 3 minutes

The South Korean digital learning platform startup FLEXCIL has secured an investment exceeding KRW 50 billion from the domestic private equity fund (PEF) Crescendo Equity Partners (hereinafter referred to as Crescendo). Founded in 2015,

FLEXCIL has developed a platform that enables students ranging from elementary to college levels, as well as those preparing for civil service exams, certifications, and language tests, to study efficiently and effectively in a digital environment using smartphones, tablet PCs, and laptops. This investment will be utilized for developing individual products tailored to mobile operating systems, enhancing systems and content, operating the platform, and marketing.

Crescendo decided to invest in FLEXCIL, recognizing its prominence in the expanding digital education market. According to the market research firm MarketsandMarkets, the global digital education market is expected to grow from USD 11.5 billion (approximately KRW 15 trillion) in 2021 to USD 46.7 billion (approximately KRW 60 trillion) by 2026, with an annual growth rate of 32.3%.

Previously, publishers’ concerns over illegal copying made them hesitant to release digital textbooks, which limited the availability of such resources for students. Recognizing the limitations of digital preparatory book usage, FLEXCIL introduced a digital learning service that goes beyond simple digital note-taking to include multimedia integration, such as videos and audio, interactive learning features, and e-book copyright protection technology. FLEXCIL offers apps like ‘SCONN‘ for purchasing, downloading, and annotating online lectures and e-books; ‘FLEXCIL’, an all-in-one digital note-taking app that combines a PDF viewer with notes; ‘FLEXCIL for Education’, used by over 360 schools and educational institutions worldwide; and ‘FLEXCIL Board’, an electronic whiteboard document viewer and writing solution.

Launched in 2022, SCONN has rapidly grown, leveraging FLEXCIL’s proven technology, and now boasts 7.3 million users worldwide. It supports viewing and note-taking for lectures and materials in a copyrighted format and sells all-in-one interactive smart electronic textbooks that combine multimedia viewing, problem-solving and scoring, and automatic wrong answer note creation. Leading online lecture providers MegaStudy and DigitalDaesung offer e-book services through SCONN, and prestigious publishers such as the Association of Korean University Presses, YBM, PACIFIC BOOKS, KoreaMedBooks, IvyKimYoung, and MotherTongue provide various entrance exam materials, college textbooks, and books for national certifications and civil service exams through ‘SCONN Book Café‘.

The FLEXCIL app has been recognized as a global Apple Store demo app, recommended in 156 countries by the Apple App Store, ranked first in sales on the Google Play Store in Korea, a Samsung Electronics C-Lab Outside project, and as one of Time magazine’s ‘Best Inventions of 2021’ in the USA.

Sung-Min Park, Vice President of Crescendo, stated, “As we enter the digital learning era, FLEXCIL is growing as a unique platform company providing electronic preparatory books, textbooks, and test papers. Crescendo decided to invest, convinced that FLEXCIL would meet the needs of both domestic and international publishers and consumers based on its technological competitiveness in handwriting gestures and motion optimization, as well as copyright protection. We will fully support its development into the world’s premier all-in-one digital learning platform company.”

Jung-Gu Kwon, CEO of FLEXCIL, expressed, “Compared to paper books, e-books are more convenient, environmentally friendly, and cheaper, allowing many students to access quality education. For publishers, e-books can be the sole means to meet the demands of the digital learning era and escape the damages of illegal content reproduction. With this investment as a stepping stone, we aim to develop SCONN into the world’s foremost e-book study platform and continue to be a company that presents innovative paradigms in the edtech industry.”

[Korean Edutech Startup News]

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  1. […] FLEXCIL (KRW 50 billion): Leading e-book platform “Skoon” received an investment to expand its reach in international markets and bolster content creation. […]

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