Hong Kong-based EdTech Company Preface Sees 500% YoY Surge in Revenue, Overcoming Impact of Pandemic

Series A Funding Completed to Fuel Growth in Coding Education Company Aims to Cultivate Future Global Talents, Build Coding as Universal Language

HONG KONG SAR - Media OutReach - 14 September 2021 - Preface, the Hong Kong-based EdTech company, has announced the completion of its Series A funding from prominent investor Sunlink Holdings (H.K.) Limited. Preface aims to tackle the issues raised by Hong Kong's traditional education model, cultivate future global talents and promote coding as the world's universal language, facilitating Hong Kong to strengthen its connection with the world.

   Tommie Lo (front row, second left), Founder and CEO of Preface, and the Management Team 

The global EdTech industry is worth more than US$100 billion. It is expected that the number of people learning coding in Hong Kong will reach one million in the coming five years^[1]. Despite the impact of the ongoing pandemic, Preface has seen a continued improvement in its performance, with year-on-year revenue growth of 500% over the past 12 months under its unique "Decentralised Classroom" delivery model, highlighting the growing momentum.

Tommie Lo, Founder and CEO of Preface, said: "Coding is the foundation for all kinds of modern technology and will become the universal language of the future. Trusted by Massachusetts Institute of Technology (MIT) and UNESCO in the provision of programming education, Preface offers award-winning programming curricula to global academia and leading multinational corporations. Through the high-mobility classroom model we are initiating, coding education has been rapidly popularising in Hong Kong. Our goal is to equip future talents in Hong Kong and around the world with this key language."

"We are very excited to support Preface in its Series A round of funding. In the digital transformation era, education has become one of the fastest-changing landscapes and we see enormous potential for the business. We trust that a forward-looking company like Preface can revolutionise the education industry through their innovative approach," said Angus Chan, COO and CFO of Sunlink Holdings (H.K.) Limited.

With the digitisation of society, cultivating global coding talents has become the responsibility of education

A study^[2] indicates that over 64% of international companies and 51% of small and medium-sized enterprises in Hong Kong have encountered difficulties in hiring innovative and technological talents. Nearly 80% of Hong Kong companies need to strengthen the development of artificial intelligence (AI) and related professional knowledge for their employees, showing that there is significant demand for training courses.

"Hong Kong is in danger of falling behind the rapid growth in technology globally. Nearly 30 countries around the world have included coding education as compulsory courses to enhance their international competitiveness. However, Hong Kong's education is limited by its traditional framework, with coding education still being regarded as extracurricular study rather than a core education subject. Hong Kong's students will lag behind in the digital world which will reduce their competitiveness in the market," Tommie explained.

As the first Asian teaching platform to win an award at "EdTech Summit in Europe", the world's largest education process programme, Preface Coding by Preface is committed to nurturing talents and cooperating with universities around the world, such as MIT and the University of California, Los Angeles (UCLA). Preface has also designed official coding courses for top-ranked universities in Hong Kong and co-organised seminars and workshops with multinational technology companies and non-profit organisations. Preface has now trained more than 10,000 students around the world.

Decentralised Classroom – solving issues raised by the traditional education model and fuelling innovation technology

Preface's innovative teaching concept provides a solution to tackle issues raised by the traditional education model. Its "Decentralised Classroom" delivery model emphasises that students can learn from daily life, and that education should not be restricted by time and place. Students from Preface are able to choose how and where to attend coding courses as they prefer, receiving teaching materials according to real-time analysis and being matched with teachers through AI technology.

The traditional education model is limited in its approach. Hong Kong, for example, is still using the "one-to-many" classroom design that is an outmoded education concept from the 19th century. Preface believes that future education should no longer be restricted to one-way delivery; rather, the learning and teaching process require innovation to ensure that the ultimate goal of education – teaching students in accordance with their aptitude – can be achieved.

Preface will use the latest round of funding to further develop its business in major cities including Hong Kong, Tokyo and London, with a determination to popularise coding knowledge and make it a universal language. The company aims to equip the new generation with this key language for a better future.

About Preface

Founded with a vision that personalised education is for all, EdTech company Preface is committed to liberate knowledge and promote coding as the future's universal language. As an award-winning coding education company, Preface reshapes both the teaching and learning experience by providing personalised classes. Our businesses are across Hong Kong, Tokyo and London, with a focus on the coding education platform Preface Coding and F&B and lifestyle concept space Preface Coffee & Wine. Stay up to date at www.preface.ai

About Preface Coding

Preface Coding by Preface specialises in delivering personalised coding courses. Powered by an artificial intelligence (AI) data analysis system and teacher-student matching technology, Preface provides tailor-made course materials to teach students in accordance with their aptitude. Adhering to the concept of breaking the inherent framework of traditional classrooms, we are committed to introducing award-winning coding curricula and training for MNCs, academia, secondary and primary schools in Hong Kong. Our programs are trusted by authoritative international institutions such as Massachusetts Institute of Technology (MIT) and UNESCO.

About Preface Coffee & Wine

Preface Coffee & Wine by Preface is an F&B and lifestyle concept space that brings together a quality coffee and wine store with a free learning space, where customers can enjoy quality food and beverages and learn about knowledge related to technology and coding at the same time. The space also hosts regular seminars and exhibitions about science and technology with international companies and organisations from different industries. The concept space is currently located in Tin Hau and Central. A flagship store in Causeway Bay opens later in 2021 Quarter 4.

High-resolution images are downloadable here.

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