ConceptX Secures Seed Capital
During his pitch at the 2019 Enterprise Demo Day for ConceptX, an online learning platform for secondary school students in Myanmar, Soe Htet highlighted the problems in the country’s education sector.
Myanmar’s education sector has been underdeveloped for decades. Public schools have limited funding, weak infrastructure, few qualified teachers, and outdated curricula and teaching methods. While some private schools offer quality education, services are only accessible to upper and upper middle-class families in urban centrals.
Growing up in a family that stressed the value of education, Soe Htet believes that education is the foundation for everything. With a background in tutoring and a masters in Applied Mathematics, the founder of ConceptX has always been an avid learner and educator.
“ConceptX started as a side project,” Soe Htet mentioned. While he was working on establishing a local university, Soe Htet began uploading short video clips of himself explaining mathematical concepts on social media. Upon receiving many positive reviews, he recognized the potential technology has to address the lack of affordable quality education services in his country and ConceptX was born in 2017. Today the application has over 1000 active users every month, 25% of whom live in rural areas, and 600+ videos on subjects included in the secondary school curriculum.
After three years of bootstrapping and countless conversations with investors, ConceptX secured seed funding from a liked-minded angel investor who is also passionate about improving the quality and accessibility of education globally.
When asked about why he found his angel investor to be a suitable addition to his team, Soe Htet mentioned that on top of believing in the same mission and vision, his investor must be ethical and transparent. Unlike many investors he previously spoke with, he found his current investor to be very responsive and explicit about their expectations. “Find an investor that believes in your product even when no one else does,” he added.
With the six-figure investment raised, ConceptX intends to roll out new features for their application and increase their marketing and sales initiatives to expand their userbase. The new features and updates will improve the learning experience for students and include more interactive features to support their learning.