Vietnam edtech startup receives $15M investment
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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, the founder of Kaizenvest, said the demand for learning technology in Vietnam and Southeast Asia 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.
Questions & Answers
Q.What is the primary focus of MindX's services?
What is the primary focus of MindX's services?
MindX specialises in technology and programming training for people across different age groups. It operates through various physical centres and also delivers its courses online.
Q.Which specific companies are among the international investors in this Series B funding round?
Which specific companies are among the international investors in this Series B funding round?
The Series B round was led by Singaporean fund Kaizenvest. Other investors include Thai education group Aksorn, Japanese human resources group Mynavi, and venture capital funds Wavemaker Partners and Beacon Fund.
Q.How does this investment compare to other edtech funding in Vietnam this year?
How does this investment compare to other edtech funding in Vietnam this year?
The US$15 million investment is noted as one of the largest amounts raised by an edtech company in Vietnam during the current year. This highlights its significance within the sector.
Q.How will MindX utilise the newly acquired funding?
How will MindX utilise the newly acquired funding?
MindX plans to expand its operational scale and diversify its range of products and services. The funding will also be used to enhance user experience and optimise data systems.
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