Hong Kong entrepreneur Timothy Yu calls fundraising a “necessary evil” on the path to success, saying that startup founders give too much weight to the milestone
Timothy Yu launched ed-tech startup Snapask right out of university. Last week, five years later, he announced that Snapask had closed a US$35 million Series B fundraising round, adding to over US$50M raised to date. The funds will be used to expand into new markets, including Vietnam, as well as opening a regional headquarters in Singapore.
Dubbed “Uber for tutoring”, the app connects students with tutors for one-on-one consultations, serving more than three million students in eight Asian markets.
Unlike most businesses in the region, Yu has seen an uptick in numbers since the outbreak of Covid-19. With schools shutting across Asia, more and more students—or, more likely, their concerned parents—are looking for opportunities to learn at home. Snapask has registered 1.3 million new users on the platform in the last year, with over 30 percent of them coming in the last two months.
While the recent increase in users is doubtless cause to celebrate, the fundraising round is not, says Yu. After his successful Series B, we ask Yu to offer insight on the process, his key learnings, and why he views fundraising rounds as a “necessary evil”. Here’s what he had to say.
See also: Time With: Timothy Yu