Vietnamese edtech firm banks $4m in series B round

Vietnamese startup Everest Education raised US$4 million in a series B round led by Hong Kong private equity firm Hendale Capital, alongside Viet Capital Ventures, and Singapore-based family office Nullabor.

Various existing investors in the edtech company also participated in the round, which was Everest’s first institutional funding.

Everest Education co-CEOs Don Le (left) and Tony Ngo / Photo credit: Everest Education

Founded in 2011 by Tony Ngo and Don Le, Everest provides tech-enabled personalized learning for students in Vietnam through its network of learning centers and partner schools. It has also developed its own classroom management software and developed courses aimed at preparing students for international academic environments.

Everest plans to use the new investment to fund the growth of its learning centers in a bid to gain a bigger foothold in the academic after-school segment, according to a statement. Currently, it operates seven learning centers in Ho Chi Minh City.

“Vietnam’s 17 million K-12 student population is a large market, where people spend up to 40% of their disposable income on education, yet there is unequal access to high-quality education,” said Pho Pham, managing partner at Viet Capital Ventures.

Another startup looking to capitalize on this market is Edmicro, a Hanoi-based startup that recently raised funding in a pre-series A round led by Insignia Ventures Partners.

Kyna, another Vietnamese edtech firm, also secured an undisclosed amount of funding from CyberAgent Capital, SEAF Women’s Opportunity Fund, and others earlier this year.