VN edtech firm scores $1m for borderless language education

Photo credit: Prep

After working as teachers in Vietnam, entrepreneurs Tu Pham and Tran Hoai Nam found that online education in the country lacked personalization and interaction. Offline equivalents were also met by geographical barriers – experienced teachers were mostly found in Tier 1 cities, while students were usually in Tier 2 and Tier 3 cities.

In response, the two founded Prep, an edtech firm that equips teachers with AI-enabled exercises, videos, and personal sessions to help them form a well-rounded curriculum.

The firm has gained over 100,000 users since its launch in 2020. It’s now looking to grow its user base to 500,000 this year after raising new capital from East Ventures and Cercano Management.

Funding details

• Funding amount: $1,000,000
• Other investors: East Ventures, Cercano Management
• Stage: Seed
• Source

The company offers students mock exams for standardized language tests such as IELTS, TOEFL, and Vietnam’s High School Graduation Exam. It broke even within its first launch year and doubled its revenue and user base after releasing its Virtual Speaking Room function.

Prep is also planning to offer courses for other tests, including JLPT for Japanese, HSK for Chinese, and TOPIK for Korean.

Last year, Vietnam-based VC firm Touchstone Partners announced that Prep was one of the two firms receiving a US$1 million commitment at its conference.

More details