Vietnam Education Startup Prep Bags US$7 Million in Series A Funding
VIETNAM-BASED language learning and test preparation startup Prep has raised US$7 million in Series A funding. The round was co-led by private equity and venture capital (VC) firm Northstar Ventures, and global asset manager Cercano Management Asia.
Other participating investors included Indonesia-focused VC firm East Ventures, Vietnam-based VC fund Touchstone Partners, and Saison Capital, the venture arm of Japanese financial company Credit Saison.
Prep intends to use the funds to grow its team, improve its learning tools and expand into other language products and countries. The company added that it wants to provide more personalised learning experiences for its growing user base while maintaining its profitability.
“The ultimate vision of Prep is to enable every learner to feel as if they have a dedicated personal teacher and mentor to help them achieve their learning targets. This new investment is an important milestone for us in realising this vision,” said chief executive Tu Pham on Friday (May 3).
Managing director of Northstar Ventures Melvin Hade added that the English language gaining prominence in Vietnamese higher education and in the workforce “convinced us that Prep has what it takes to disrupt the language test prep market in Vietnam”.
Its learning platform incorporates its proprietary artificial intelligence (AI) technologies, including AI-powered virtual speaking and writing rooms. The company said these rooms have allowed it to increase its user base, while offering high-quality education at a comparatively lower price than its competitors.
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