Innovative education technology companies (edtechs) in Vietnam are increasingly attracting the attention of international private equity firms as education becomes more digital not only in the country itself but across Southeast Asia, in part due to the lockdown during the Covid-19 pandemic.
Two edtech startups in Vietnam raised $16 million in funding in early September, according to respective company statements.
Online tutoring platform Vuihoc has raised $2 million in its latest funding round, led by BAce Capital, a venture fund backed by Japanese digital financial services provider Ant Group, with participation from Singapore’s Vulpes Venture, Korean venture capital investors DT&Investment and Nextrans, and Japanese venture capital firm Colopl Next.
Founded in 2019, Vuihoc is an online platform that provides courses for elementary and middle school students. It currently has more than 400,000 learning materials, including online courses, video courses and quizzes. It hopes to reach 1 million subscriptions by 2024.
English self-study platform
Meanwhile, self-learning English platform Edupia raised $14 million in a Series A round led by Singapore’s Jungle Ventures, with participation from Alibaba and Ant Financial’s venture fund eWTP Capital, and Vietnamese venture capital firm ThinkZone Ventures.
Edupia currently has 5 million users, including 400,000 paying students.
Tran Duc Hung, who founded the company in 2018, said Edupia is “on track” to exceed its $100 million revenue target within the next three years.
Most of the company’s users are in Vietnam, but it is also expanding into other Southeast Asian markets, including Indonesia, Thailand and Myanmar, and is adding more subjects, including math and coding, Hong said.
Edtechs expand to Vietnam
Many foreign edtech companies also plan to expand their operations to Vietnam.
For example, in August, Geniebook, Singapore’s leading online learning platform, announced plans to enter Vietnam, making the country its second Southeast Asian market after Indonesia, after Singapore.
The expansion follows a profitable year in 2020, when it recorded $10 million in annual recurring revenue, according to Geniebook.
Launched in 2017, it is an educational technology platform that uses artificial intelligence and machine learning to personalize learning by recommending assessment concepts and questions based on students’ strengths and challenges.
huge education market
Vietnam has a huge education market with 16 million primary and secondary students and 1.7 million university students.
It is one of the world’s fastest-growing education markets and will be worth $3 billion next year, Hanoi-based industry research firm EdTech Agency said in a July report.
Innovative education technology companies (edtechs) in Vietnam are increasingly attracting the attention of international private equity firms as education becomes more digital not only in the country itself but across Southeast Asia, in part due to the lockdown during the Covid-19 pandemic. Two edtech startups in Vietnam raised $16 million in funding in early September, according to respective company statements. Online tutoring platform Vuihoc has raised $2 million in its latest funding round, led by BAce Capital, a venture fund backed by Japanese digital financial services provider Ant Group, with Singapore’s Vulpes Venture, South Korea…
Innovative education technology companies (edtechs) in Vietnam are increasingly attracting the attention of international private equity firms as education becomes more digital not only in the country itself but across Southeast Asia, in part due to the lockdown during the Covid-19 pandemic.
Two edtech startups in Vietnam raised $16 million in funding in early September, according to respective company statements.
Online tutoring platform Vuihoc has raised $2 million in its latest funding round, led by BAce Capital, a venture fund backed by Japanese digital financial services provider Ant Group, with participation from Singapore’s Vulpes Venture, Korean venture capital investors DT&Investment and Nextrans, and Japanese venture capital firm Colopl Next.
Founded in 2019, Vuihoc is an online platform that provides courses for elementary and middle school students. It currently has more than 400,000 learning materials, including online courses, video courses and quizzes. It hopes to reach 1 million subscriptions by 2024.
English self-study platform
Meanwhile, self-learning English platform Edupia raised $14 million in a Series A round led by Singapore’s Jungle Ventures, with participation from Alibaba and Ant Financial’s venture fund eWTP Capital, and Vietnamese venture capital firm ThinkZone Ventures.
Edupia currently has 5 million users, including 400,000 paying students.
Tran Duc Hung, who founded the company in 2018, said Edupia is “on track” to exceed its $100 million revenue target within the next three years.
Most of the company’s users are in Vietnam, but it is also expanding into other Southeast Asian markets, including Indonesia, Thailand and Myanmar, and is adding more subjects, including math and coding, Hong said.
Edtechs expand to Vietnam
Many foreign edtech companies also plan to expand their operations to Vietnam.
For example, in August, Geniebook, Singapore’s leading online learning platform, announced plans to enter Vietnam, making the country its second Southeast Asian market after Indonesia, after Singapore.
The expansion follows a profitable year in 2020, when it recorded $10 million in annual recurring revenue, according to Geniebook.
Launched in 2017, it is an educational technology platform that uses artificial intelligence and machine learning to personalize learning by recommending assessment concepts and questions based on students’ strengths and challenges.
huge education market
Vietnam has a huge education market with 16 million primary and secondary students and 1.7 million university students.
It is one of the fastest-growing education markets in the world and will be worth $3 billion next year, Hanoi-based industry researcher EdTech Agency said in a July report.
