Invest in FlashShare

400,000 students sit SPM.
Three apps are built for them.

FlashShare is the study platform Malaysian students were never given: best-in-class spaced repetition, a syllabus curated for the papers they actually sit, past papers in one place, and the social layer that keeps a whole cohort studying. 300 students are using it today. We are raising to reach the rest.

RM1.5M
Indicative valuation,
from accelerator feedback
300
Students in
the first beta
413,299
SPM candidates
registered in 2025
RM45.2M
Serviceable
market
The problem

A compulsory exam. No modern tool for it.

Every Malaysian secondary student sits SPM, and pre-university students sit A-Level, AUSMAT or STPM. Their parents already spend real money every month trying to get them through it. The software they are handed was either built for a different country or built without the science.

413,299
SPM candidates registered in 2025
A cohort that renews every year and cannot opt out.
RM720
Monthly tuition per student
Households already pay for exam preparation. We are not creating a new budget line, we are competing for one that exists.
3
Apps built for SPM
Out of 210,006 education apps on the App Store. Only nine are made for Malaysians at all.
413,299 registered for SPM 2025; 406,200 sat the papers, 98.21% of those registered. New Straits Times, Bernama. Monthly tuition and App Store category counts are internal estimates and are not yet independently sourced.
The whole education app store, and almost none of it for us
This is the opportunity in one picture. A category with a quarter of a million products has effectively skipped an entire country's national exam.
ONE SQUARE = ~199 APPSall 9 Malaysian apps fit inside it, 22 times over210,006 EDUCATION APPS9 MADE FOR MALAYSIANS · 0.004%3 BUILT FOR SPM · 0.001%
Grid drawn to true scale: 1056 squares at ~199 apps each. App Store education category, surveyed 2026 — an internal count, not yet independently sourced.
The gap

Everyone owns one piece. Nobody owns all four.

Anki has the best scheduler and no local content. Pandai has the syllabus and no scheduler. Nobody has collaboration, and everybody charges more than a Malaysian student will pay.

Where the market actually sits
Retention science on one axis, built for the Malaysian syllabus on the other. The top right corner is empty, and that is the entire thesis.
STRONGWEAKRETENTION SCIENCEGENERIC / FOREIGNBUILT FOR MALAYSIAN SYLLABUSAnkiBEST SCHEDULER, ZERO LOCAL CONTENTQuizletWEAK SRS, NO SYLLABUS FITBrainscapePandaiLOCAL SYLLABUS, NO SCHEDULERFlashShareFSRS v5 + CURATED + SOCIAL
AppSRS qualityMalaysian contentCollaborationPricing
AnkiBest in classNoneNoneUSD 24.99
QuizletWeakNonePartialUSD 7.99 / mo
PandaiNoneYesNoneRM 96.00 / mo
BrainscapePartialNonePartialUSD 9.99 / mo
FlashShareFSRS v5 engineDirectly curatedReal timeRM 9.90 / mo
beta price
Market size

A large market with no dominant player.

Malaysia's edtech market is big and still fragmented. We are not trying to win all of it. We are trying to own the exam-revision layer for the cohort that has to buy something anyway.

TAM
100%
RM4.82B
Malaysia's total edtech market.
TSM
8.44% of TAM
RM406.8M
All Form 4 to 5 and pre-university learners, 1,130,000 students at the market-mid annual digital revision spend of RM360.
SAM
0.94% of TAM
RM45.2M
Reachable, exam-motivated students inside our current subject and level coverage, roughly 70% of the SPM cohort plus full pre-U, at our own RM79.90 per year.
SOM
0.05% of TAM
RM2.4M
Realistic capture of 1.5% to 2.2% of SAM within two years of launch.
TAM RM4.82B is the Malaysia edtech market at USD 1,179.2M (2025 base year), converted at RM4.088 per USD. IMARC Group, Malaysia Edtech Market, which forecasts USD 3,072.8M by 2034 at 10.89% CAGR.
TSM1,130,000 Form 4–5 and pre-university learners at RM360 annual digital revision spend.
SAM ~70% of the SPM cohort plus full pre-U, at our RM79.90 annual price.
SOM1.5–2.2% of SAM within two years of launch.
TAM is third-party and linked above. TSM, SAM and SOM are our own arithmetic from the cohort and price inputs shown; the learner count and the RM360 spend assumption are internal estimates and are not yet independently sourced.
Business model

Priced for a student, not a procurement team.

Four ways in, each matched to how Malaysian families actually spend: a cheap sprint during exam season, a monthly habit, an annual plan a parent pays for, and seats sold to schools.

SPM Sprint Pass
RM2990 days
Matches the exam-season influx. Students who would never start a subscription will buy a sprint.
Gold Monthly
RM12.90per month, at launch
A 30% increase on the RM9.90 beta price, with minimal elasticity risk at this level.
Gold Annual
RM99per year, at launch
The plan parents pay for, and three times lower than Pandai.
Corporate Seats
RM35per seat, per year
Sold to schools and state education offices, where one signature covers a whole cohort.
Why the September window matters
Intent to buy is not evenly spread across the year. It spikes when trial results land and students realise November is close. Our first-year plan is timed around that, not around a launch date we picked.
MARJUNNOVSEPTrial examsPEAK INTENTFINALS
From 300 to 20,000
300 students are on the platform today, in the first closed beta. The month 12 target does not assume mass conversion, only that a small paying slice of a much larger free base behaves the way freemium study apps normally do.
20,000300TodayFIRST BETA, 300 STUDENTSMonth 12BETA 2PUBLIC LAUNCHSEPTEMBER PUSHRM9,900 MRRREVENUE AT MONTH 12
Beta pricing is RM9.90 per month and RM79.90 per year. Launch pricing shown above. The serviceable market is calculated at the RM79.90 annual figure, so it does not assume the increase lands.
Valuation

Valued at RM1.5 million today.

RM1.5MIndicative valuation · no priced round has closed

Set independently by multiple startup accelerators, on a product that is already built and already in students' hands. Not a projection, not a founder's number.

WHAT IT IS BUILT ONProduct built and in students' hands300 students in the first betaTechnical founder, built in houseA market that renews annually
Traction

Already built. Already being used.

We are early, and deliberately so. 300 students are on the platform in our first closed beta, a second round opens shortly, and both app stores follow within a month.

Where we are
Two founders, shipping weekly, out of a live school pilot.
Built in houseFSRS v5, PAST PAPERS, STUDY ROOMS300 students in beta oneKYS MELAKA, SHIPPING WEEKLYBeta two, then both storesiOS AND ANDROID WITHIN A MONTH20,000 usersWHAT THIS ROUND FUNDS
Why it spreads without ad spend
Study rooms and shared decks make the product travel between friends inside one school, then between schools. Distribution is a feature, not a line item.
ONE DECKA CLASSA COHORT, THEN A SCHOOL
The long game

The flashcards are the instrument. The data is the asset.

Every review already records what was asked, how it was answered, and how long the student hesitated before answering. Nobody holds that at cohort scale for SPM, because nobody has had the students on one system before.

One tap, five levels up
A single card review is a small fact. Aggregated, the same fact answers a question a school cannot currently ask at all.
One reviewCARD · RATING · THINK TIME · SUBJECT · TIMESTAMPOne studentWHAT THEY MISS, AND WHETHER IT IS IMPROVINGOne cohortTHE TOPIC A WHOLE YEAR GROUP GETS WRONGOne schoolWHERE IT SITS AGAINST ITS PEERSThe cohort, nationallyWHAT ACTUALLY CAUSES IMPROVEMENT
What it can answer
Six of these are answerable from data being written today. The seventh is the reason the other six are worth holding.
Which topics a student struggles withHow long they take to recall itHow their accuracy moves week to weekWhich questions they miss again and againHow one cohort performs against anotherHow schools compareWhich study patterns cause improvementTHE ONE WE ARE BUILDING NEXT

The end of this is not a better flashcard app. It is telling a student the one topic to revise tonight, and telling a school where its year group is quietly falling behind — both from evidence, months before a trial paper would have shown it.

Use of funds

Every ringgit converts into users.

Three things, all of which turn directly into signups during the September trial season.

01
App Store and infrastructure
Server, database and infrastructure maintenance, plus App Store enterprise licence operations, funded for twelve months.
02
Marketing campaign
Targeted campaigns during the high-stakes September SPM trial exam window, when intent to buy is at its annual peak.
03
Content creation
Contracting highly experienced educators to structure core curated flashcard content, so quality is not crowd-dependent.
Target milestone
20,000 users by month 12
MRR at that point
RM5,940 – RM19,800
Status
Self-sustaining across the range
Monthly recurring revenue at 20,000 users, by free-to-paid conversion
ConversionPaying usersMRRAnnualised
3% conservative600RM5,940RM71,280
5% base case1,000RM9,900RM118,800
10% upside2,000RM19,800RM237,600
At the FlashShare Gold beta price of RM9.90 per month. Industry benchmark for consumer freemium conversion is 2–5%; we treat 5% as the planning case and 10% as upside. Operating costs at 20,000 users are under RM500 per month, so the model is self-sustaining even at the conservative end.
Who you are backing

Two founders who sat these exams.

Both KYS Melaka alumni. One built the product end to end, the other runs everything around it. No agency, no outsourced development.

Aufa Eizdihar
Aufa Eizdihar
Founder & CEO
Built FlashShare end to end: product, design and development.
  • KYS Melaka alumnus and Sunway College AUSMAT scholar.
  • Led a two-year, RM200,000 student-run refurbishment project, featured in The Star.
  • Self-taught developer, PCEP certified, creator of K-NETT.
Rayyan Asyraf
Rayyan Asyraf
Co-founder & COO
Runs operations, marketing, partnerships and the legal paperwork.
  • KYS Melaka alumnus, reading A-Levels at Taylor's College.
  • Assistant Head of the Student Welfare Committee, led school-wide events including the Rover Challenge.
  • Early experience as a Sales Consultant at Al-Ikhsan.
A.
Next step

Let's talk before
the September window.

Our whole first-year plan is timed around the SPM trial season. We would rather have this conversation now than after it closes. We will send the deck, the pilot data as it stands, and an honest list of what is not built yet.

Request the deckTry the product