Vietnamese education technology startups receive large investments

English learning app Elsa has raised $20 million from a fund from UOB Bank. Vietnamese edtech startups receive large investments from international sources.

Many education technology startups in Vietnam are attracting strong interest from investors - Illustration photo: vn.elsaspeak.com

According to Deal Street Asia on September 12, the English learning application using artificial intelligence (AI) technology ELSA, backed by investment fund Vietnam Investment Group (VI Group), has just called for 20 million USD in investment from a funding round led by UOB Venture Management (a private equity company of UOB Bank).

Most recently in 2021, ELSA raised $15 million from a Series B funding round co-led by VI Group and international investor SIG.

In Vietnam, in February 2023, UOB Venture Management organized a Series B funding round to successfully raise 33.5 million USD for Buymed - a Vietnamese start-up in the pharmaceutical industry. Buymed then also successfully called for an equity investment worth 18 million USD from the US International Development Finance Corporation (DFC).

According to Deal Street Asia , many education technology startups in Vietnam are attracting strong investor interest. Recently, online education platform VUIHOC raised 6 million USD.

Education services company TEKY Alpha has also raised $5 million from Singapore-based impact investor Sweef Capital.

Previously, Vietnamese edtech startup MindX raised $15 million in a Series B round led by Kaizenvest, an education-focused private equity fund.

tuoitre.vn