TAIPEI, April 6, 2022 /PRNewswire/ — Since its founding in 2015, Hahow, the largest online learning platform in Taiwan, has expanded from B2C to B2B and evolved into an edtech company providing courses across diverse media formats.
The company has recently completed a US$10 million Series B funding round, which was led by UMC Capital, a fully-owned subsidiary of United Microelectronics Corporation (UMC) and the National Development Fund.
According to Hahow co-founder Arnold Chiang, the US$10 million raised in this round will mainly be used to integrate new forms of media into Hahow’s course offerings and enhance its one-stop digital learning services. The company is looking to further tap the US$1.4 billion market for smart learning in Taiwan, with a vision to become the Netflix of the education industry.
The pandemic has accelerated the rise of the edtech industry, which has become one of the key sectors of focus worldwide. Ranked among Taiwan’s top 50 and Asia’s top 150 most innovative and promising edtech companies by leading edtech market research firm HolonIQ, Hahow is known for its widely popular B2C online courses. On top of that, over the past two years, as part of its efforts to gain more traction in the online education market, the company has expanded into B2B with Hahow for Business. Six years into its operation, Hahow’s revenue has grown at an impressive 300% year over year, reaching a new record of over US$13.4 million in 2021.
Three Key Strengths to Lead the Development of the Online Learning Industry
The latest fundraising round will support Hahow’s efforts to expand into new learning scenarios. Meanwhile, the company also plans to strengthen its three key strengths on the back of tech investment and data on learning behavior:
(1) Approachable content and learning tools: beyond pre-recorded course offerings, Hahow plans to add live-streamed lessons and content in posts or short videos to expand the variety of learning tools it offers;
(2) In-depth assessment of learning outcome: more than just offering stand-alone courses, Hahow seeks to help learners gain specialized skills with the aid of learning maps, teaching assistants, learning community engagement and a certification system; and
(3) One-stop platform that brings content creators together: Hahow will provide aspiring instructors with an even more user-friendly back-end and go-to-market services that meet traffic monetization needs on both B2C and B2B ends.
An OMO Upgrade that Caters to Much-Needed Talent Development Strategies
Due to the impact of COVID-19, the environment for talent development and organizational structure have undergone significant changes. Made for the B2B world, Hahow for Business not only saw a twofold increase in enrollment and class hours quarter over quarter, but also successfully landed close to one hundred business clients, including established names in the tech and financial sector, such as the Cloud Computing Product Division of Foxconn Technology Group, Cathay Holdings and Qisda.
Creator Economy on the Rise, One-Stop Services to Help Content Creators Unlock Monetization Opportunities
Besides general consumers, content providers are also Hahow’s customers. They can be anyone from a professional speaker or subject expert to a content creator or publisher. After a course is launched on Hahow’s platform, as high as 90% of the generated revenue could go to the instructor. So far, over 22% of the content creators and instructors on Hahow has earned more than US$36,000, approximately one million in New Taiwan dollars, from the courses they launched. Among them are Hailey Richards and Ryuuu TV’s Ryu and Yuma, expat YouTubers with over a million subscribers, who have generated around US$600,000 in revenue from their Hahow courses. The long tail effect and power of content creation have been tremendous.
“Going forward, online learning will be more than just for mastery of difficult subjects. There is also an edutainment element to it. At Hahow, we will continue to bring high-quality IPs to new generations of learners, with the goal to strengthen our leading position and become the Netflix in the education industry,” Co-founder Arnold Chiang said.
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With a vision that everyone has valuable skills or knowledge to share, a team of millennials founded edtech startup Hahow in 2015. The company name resembles the pronunciation of “school” (ha̍k-hāu) in Taiwanese. It is the first in the world to apply the crowdfunding model to the online learning space. Now a multidisciplinary course platform, Hahow is also expert in content adaptation for the digital learning context. Devoted to fulfill demand for all kinds of knowledge and skills, Hahow offers a stage for anyone to teach and earn from their expertise.
Operating beyond traditional classroom settings, in just six years, Hahow has worked with 600 instructors and helped produce close to 700 courses, which have been enjoyed by over 680,000 students across the globe. Hahow’s innovative model has catalyzed the trend of online learning and made it the market leader. Its revenue has increased several hundredfold from the less than US$33,000 generated in its founding year.
In 2020, Hahow took one step further and launched Hahow for Business, a suite of online learning services designed for enterprises. Built upon the company’s solid foundation in producing online courses, Hahow for Business provides high-quality content, products and data-driven consulting services to help businesses meet digital transformation goals by implementing corporate training in a smart and motivating way.
Note: currency conversion based on an exchange rate of NTD 28.75 per USD as of Mar 31, 2022
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