Zapzapmath seeks investors for USD 5m series A fundraise for product development, co-founder says

Zapzapmath, an operator of a game-based mathematics learning ecosystem, is seeking investors for its USD 5m Series A fundraise, co-founder Adam Goh said.

Education and learning technology (Edtech) sector specialists that could deliver value-add would be considered as preferred investors, he said.

The size of the stake for investors will depend on negotiation, Chairman and co-founder, Kim Seng Teh added. Financial advisors with suitable referrals would be entertained, he said.

Half of the proceeds will be set aside for sales and marketing expenses globally, 35% will be spent on product development of advanced features such as artiícial intelligence, scoring algorithm, adaptive learning and multiplayer games, and 15% will go to operating expenses, Goh said.

Zapzapmath is a mathematics learning platform for kids ranging from kindergarten to Grade 6, via a series of online games. It is based out of Hong Kong and Malaysia but with its development team mainly based in Malaysia, Teh said.

It raised USD 250,000 in seed funding in 2015 for product development, and two rounds of pre-Series A funding of a combined USD 1.75m in April 2016 and April 2017 for a full-îedged product commencement and further marketing purposes, Goh said.

The company is aiming to breakeven by the end of this year, driven by more proactive marketing and increasing the number of users, Goh said.

Zapzapmath has 2.5m downloads from 185 countries, he said, adding that it also cooperates with more than 100 schools in the United States and Asia, according to the website.

Currently, it has more than 30 employees from Malaysia, Hong Kong and the United States, the website showed.