Vuihoc, an ed-tech platform catering to K-12 Vietnamese students, recently secured a significant US$6 million investment in a Series A funding round led by TNB Aura. The funding also had participation from TKG Taekwang, IBK-STIC Pioneer Fund, and existing investors, including Do Ventures, BAce Capital, and Vulpes, further highlighting the confidence in the startup’s potential.
The freshly acquired funds will be utilized by Vuihoc to support its product offerings, leveraging AI technology to provide personalized learning experiences tailored to each student’s unique needs.
Amidst the fluctuations in the world economy, Vietnam’s EdTech sector remains an attractive destination for solid investments. The e-learning market in Vietnam continues to surge, with an expected value of US$3 billion by year-end. The increasing accessibility to the internet, advancements in ICT, and a rising number of smartphone users are driving the growth of online learning in the country.
According to the Vietnam Innovation & Technology Investment Report, the EdTech sector surpassed US$30 million in investments in the first half of 2023, exceeding the total investments made in 2022.
Founded in 2019 by Lam Do and Thu Do, Vuihoc has rapidly grown to serve over 1.1 million users, primarily concentrated in Tier 2 and 3 cities. The platform offers extensive educational content, with over 500,000 resources, including video lectures and quizzes.
Additionally, Vuihoc provides live classes facilitating private or small group learning, enabling students to receive instant feedback and support in their educational journey.
As a prominent player in the field, the company caters to a large student base, serving over 1.1 million Vietnamese students across grades 1 to 12 in the province. With access to more than 500,000 lectures, students can benefit from diverse and engaging educational content aligned with the national curriculum. The platform offers various learning methods, allowing students to learn through video lectures, participate in livestream classes, or receive personalized one-on-one tutoring.
In 2021, VUIHOC received funding from Do Ventures to advance its artificial intelligence (AI) technology to elevate personalization in education. Following this, in 2022, the company secured $2 million in bridging funding, spearheaded by Bace Capital Investment Fund, with support from fintech giant Ant Group and various other investment funds. The infusion of capital is intended to fuel accelerated growth as the company sets its sights on achieving 1 million paying users by 2024.
Charles Wong, Co-Founder and CEO of TNB Aura, admired Vuihoc’s tech infrastructure, enabling the company to capitalize on the flywheel effect of delivering high-quality education at scale. This has attracted some of the finest educators from across the country, contributing to exemplary unit economics within the region.
With the ed-tech market in Vietnam seen as a fertile ground, characterized by a seubstantial student population of up to 23 million and high Internet access rates of over 70%, foreign investors are optimistic about the potential growth opportunities.
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