Edutech Startup Codeit Raises 10 Billion KRW in Series B Funding

[Codeit Co-CEOs Yoonsoo Lee and Younghoon Kang]

Online coding education service, Codeit, has completed a Series B investment round worth 10 billion KRW.

This comes 1 year and 7 months after raising 4 billion KRW in a Series A round in April 2021, which involved Aventures, Pearl Abyss Capital, Futureplay, Shinhan Capital, and KDB Capital. In the Series B round, existing investors continued their follow-up investments, and Daesung Venture Investment joined as a new investor. With this, Codeit has successfully raised a total of 14 billion KRW in investments to date.

Founded in 2017, Codeit offers a subscription membership that allows unlimited access to various courses. Since all courses are 100% self-produced without outsourcing, there is high connectivity between lectures, maximizing learning effectiveness. As a result, over 160,000 students have chosen Codeit in the past five years, and the TTM (trailing twelve months revenue) has increased approximately fivefold compared to the same period last year. Additionally, Codeit's monthly retention rate is 88%, and the average course completion rate reaches the 50% range. The satisfaction score is also high at 4.8 out of 5, with many students expressing great satisfaction with Codeit's service.

Moreover, Codeit is highly popular among major domestic companies. In 2020, companies such as Lotte Group, Multicampus, Hyundai Motor Company, and Shinhan Financial Group used Codeit's services to enhance their employees' digital capabilities. This year, the client base has explosively expanded to include LX International, KT, LS Group, Amorepacific, KB Financial Group, Hana Financial Group, NongHyup, Korea Tourism Organization, Daesung Group, Hankook Tire, and Pearl Abyss, among others. Codeit's co-CEOs, Kang Younghoon and Lee Yoonsu, stated that with the new investment funds, they plan to expand educational fields beyond coding education content to include design, product management, and digital marketing.

Meanwhile, Codeit was selected as a Baby Unicorn company in the 'Baby Unicorn 200 Development Project' by the Ministry of SMEs and Startups in 2021. Codeit is recognized as the highest-valued adult coding education company in Korea due to its 'original content,' convenient coding practice environment, and active Q&A community. Going forward, it is expected to achieve significant results by expanding content in adjacent fields including coding and entering global markets such as North America, aiming to grow into a unicorn company (with a valuation exceeding 1 trillion KRW).