LG Uplus Invests 2 Billion KRW Equity in Edutech Startup 'Hodulabs'

Enhancing Competitiveness of 'U+ Aideulnara' Using Edutech... Interactive Reading Service Planned for Launch in First Half of the Year

[Asia Economy Reporter Eunmo Koo] LG Uplus announced on the 25th that it has made an equity investment in the domestic edutech startup ‘Hodoo Labs’ to strengthen its competitiveness in the children's education content market. The investment amount is approximately 2 billion KRW.

This equity investment is part of a strategy to strengthen content, a new business area designated by Hwang Hyun-sik, CEO of LG Uplus. The strategy is to maintain competitiveness in the education content market through leading collaborations with promising edutech companies. Previously, LG Uplus strengthened its content by investing in animation production companies ‘Dream Factory Studio’ and ‘Monster Studio’ last year.

Hodoo Labs, the first equity investment target of LG Uplus this year, is a leading edutech company providing game-based learning services for children aged 5 to 13. Its main products include the game-based English speaking service ‘Hodoo English’ and the reading lecture service ‘Peanut School’ utilizing video education solutions.

Through this investment, LG Uplus plans to enhance the competitiveness of children's educational content by utilizing the edutech technology possessed by Hodoo Labs. Hodoo Labs plans to use the investment funds for research and development to strengthen edutech technology.

Specifically, LG Uplus plans to launch an interactive reading service within the children-only media platform ‘U+ Idle Nara’ in the first half of this year by utilizing Hodoo Labs’ video education solution. The interactive reading service is a service that fosters children's reading habits through a process where teachers interact with children and read books via the video solution.

Moon Hyun-il, head of the Idle Nara business at LG Uplus, said, “Through this equity investment in Hodoo Labs, we will enhance our competitiveness in the increasingly competitive kids content market by securing differentiated content competitiveness,” and added, “We plan to steadily increase collaboration with edutech companies including Hodoo Labs.”