Vietnam edtech startup receives $15M investment

By Luu Quy   April 13, 2023 | 08:19 pm PT
Vietnam edtech startup receives $15M investment
A MindX classroom. Photo by MindX
MindX, a startup that offers training in technology and programming, has received a US$15 million investment from a group of international funds in the Series B round.

The funding round was led by Singaporean fund Kaizenvest, which has invested in many famous startups in the field of education technology (edtech), including unicorns Byju's and upGrad in India, and Yola English Center in Vietnam.

The other participating investors are Thai education group Aksorn, Japanese human resources group Mynavi, and venture capital funds like Wavemaker Partners and Beacon Fund.

MindX, founded in 2015 in Hanoi, specializes in technology training for people of various age groups. It has centers in many cities, and also provides training online.

In November 2021 it had raised $3 million in a Series A round.

Sandeep Aneja, founder of Kaizenvest, said the demand for learning technology in Vietnam, and Southeast Asia in general, is increasing.

"This investment is commensurate with the market potential and our belief in today's growing demand for technology learning."

Nguyen Thanh Tung, MindX’s co-founder and CEO, said being equipped with skills and critical thinking to apply new tools and technologies is the way for Vietnam to have a pioneering generation of innovation considering how technology is constantly evolving today.

With the new funding, the company plans to expand its scale and portfolio of products and services and optimize the user experience and data systems.

MindX is also partnering with more than 200 firms in countries like Singapore, Australia and Thailand, allowing the world to access Vietnam’s highly skilled digital workforce.

The $15 million represents one of the largest amounts raised by edtech in Vietnam this year.

According to the e-Conomy report by Google and Bain&Company, investments for startup projects in Vietnam went down to $0.7 billion in the first half of 2022.

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