Singapore-based edtech firm Geniebook expands into Vietnam

Singapore-based edtech startup Geniebook is expanding into Vietnam, making the country the third market in Southeast Asia that the company will be present in, besides Singapore and Indonesia.

Geniebook’s Vietnam team/ Photo credit: Geniebook

According to Geniebook, the expansion comes on the back of a profitable 2020, after it recorded an annual recurring revenue of US$10 million. It also said that it achieved an EBIDTA (earnings before interest, taxes, depreciation, and amortization) of US$2 million during the year.

Launched in 2017, Geniebook is an edtech platform that uses artificial intelligence and machine learning to personalize learning by recommending assessment concepts and questions based on students’ strengths and challenges.

“As the predictability of the pandemic worsens, and home-based learning continues to be an important part of children’s lives, we see huge potential in digitalizing and personalizing learning in the world and in the region, with the growing Vietnamese market as our next step,” said Neo Zhizhong, CEO and co-founder of Geniebook.

Despite many sectors experiencing a downturn as a result of the pandemic, the edtech industry has bucked the trend and made massive gains. The firm claims its overseas registered users have surged about 1,000% since the onslaught of the new coronavirus.

The edtech firm has a total staff strength of 200 and is looking to expand its team by hiring more employees domestically and internationally in order to invest and scale its online learning business.

Earlier in May 2019, Geniebook raised roughly US$1.1 million in a pre-series A round led by Singapore-based private investment firm Apricot Capital.

See also: The key players in India’s edtech space

Singapore’s edtech market is expected to reach US$2.2 billion by 2027, according to research by The Insight Partners. Meanwhile, Vietnam also has a significant addressable market, with about 16 million students in primary and secondary levels, as well as another 1.7 million studying at universities.