Vietnam-based edtech startup MindX has recently announced that it has raised $3 million in a funding round co-led by Wavemaker Partners and Thien Viet Securities. The startup has also received debt funding from an investment firm that focuses on companies founded by women, Beacon Fund.
MindX will be using the funding to expand its online platform, expand into Vietnamese Tier 2 and 3 cities and rural provinces, and develop more educational content. The startup plans to build its network of tech companies that offer jobs to students who complete the courses offered. MindX offers courses that are focused on students from kindergarten to grade 12, and university students. The startup claims that its alumni have got opportunities to work at renowned companies like Google, Shopee, and Amazon.
For college students who want to become tech professionals, MindX plans to start offering an income share agreement, where the students will have to pay tuition fees only after getting a job, thus eliminating the need to pay upfront fees.
“One concern for parents with low-income levels is that they want their kids to have a guaranteed job placement, but they don’t want to run out of money for tuition,” said Tung. “They asked for financing solutions and we plan to implement the income sharing model by the end of this year for our students.” One example will be a program geared toward students who already have one or two years of experience working at software companies in Vietnam. The course will prepare them to find a higher-paying job in Singapore and allow them to pay back tuition after they start working.
Founded in 2015 by Ha Nguyen and Tung Nguyen MindX operated as a non-profit company. Both Ha and Tung were working with tech companies at that time and taught part-time coding classes along with their jobs, providing laptops and learning spaces for their students. After one year, they decided to commit full-time to MindX as the demand increased.
The startup has 13 offline locations in the country besides its online education platform. MindX claims to be profitable for last six years and even during the pandemic.
MindX now partners with 200 tech companies in Singapore, Japan, Vietnam, and other countries to help its students find a job post completion of their training.