Vietnamese edtech firm MindX raises $15m led by Kaizenvest


Vietnamese edtech startup MindX has raised $15 million in a series B funding round led by education-focused private equity fund Kaizenvest, according to an announcement.

Other investors that participated in the round included Thailand-based education firm Aksorn, Japanese HR firm Mynavi, and exixting investor Wavemaker Partners, which had led the firm’s series A round.

MindX also continues to receive debt financing from Beacon Fund, an impact investment firm that focuses on women-owned and women-led businesses in Southeast Asia, the company said.

The development comes two years after MindX raised a $3 million series A round. It had raised its first funding round of $500,000 from homegrown VC firm ESP in 2019.

Founded in 2015, MindX formerly TechKids, prepares Vietnamese people for tech careers through education as well as job matching. The company claims that it has graduated over 35,000 students of all ages so far. The company has more than tripled its geographical coverage to over 32 campuses across Vietnam, making it the largest coding educator in the region.

The company is well-positioned to lead the coding and digital skills space in Vietnam. We believe this investment fits within the future of learning themes and is a testament to our confidence in the growing demand for Technology courses across Southeast Asia, said Sandeep Aneja, Founder and Managing Partner, Kaizenvest.

“Innovators and creators are nurtured, not born. Today, we would like to prepare young learners with the skills and mindset needed to create innovative tools, technologies, and even unknown jobs to address unknown challenges of their times,” said Nguyen Than Tung, co-founder and CEO MindX.

The fresh funds will be used to develop its portfolio of products and services, hybrid learning experienceand data-driven systems, the statement added.

MindX currently partners with over 200 companies in Singapore, Australia, Thailand , and other countries to enable global access to the digital workforce.

Kaizenvest is an education-focused emerging markets asset manager, managing private equity and private debt funds in Asia and Africa. The PE firm made its foray into the Vietnam market in 2019, by investing $10 million in YOLA, a Vietnamese ELT service provider backed by local PE firm Mekong Capital.

Vietnam witnessed a boom in edtech investments last year. In September 2022, Edupia raised $14 million in series A financing led by Jungle Ventures.

Virtual Internships, a Vietnam-based edtech startup, also announced raising $14.3 million in a Series A funding round anchored by European technology investor Hambro Perks.

Other edtech startups that raised funds last year include VUIHOC, Marathon, and Azota.