Vietnamese edtech MindX secures $15 million in its series B

April 12, 2023 | 10:00
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Vietnamese edtech startup MindX has raised $15 million in a series B funding round to continue its mission of nurturing and empowering Vietnamese innovators to address global challenges through technology.
Vietnamese edtech MindX secures $15 million in its series B

Founded in 2015, MindX prepares Vietnamese people for tech careers through an ecosystem that encompasses education as its core business, while also providing global job matching and a startup space. The company has graduated over 35,000 students of all ages, many of whom now have successful careers in nearly 20 countries, including the United States, the United Kingdom, Japan, Singapore, and Australia.

The Series B round was led by the education-focused private equity fund Kaizenvest. Other backers included Thailand's education firm Aksorn, Japan's human resources firm Mynavi, and the return of the series-A lead Wavemaker Partners.

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.

Sandeep Aneja, founder and managing partner of Kaizenvest said, "MindX is well-positioned to lead the coding and digital skills space in Vietnam. We are delighted to associate with the founding team as they have consistently delivered high-quality learning outcomes. We believe this investment fits within the future of learning themes and is a testament to our confidence in the growing demand for tech courses across Southeast Asia."

The new investment comes a little over a year after MindX closed nearly $3 million in its series A in November 2021.

Since then, the company has more than tripled its geographical coverage to more than 32 campuses across Vietnam, making it the largest coding educator in the region. MindX has also expanded its suite of course offerings beyond coding to other in-demand, tech-related skills such as blockchain, data analytics, and UI/UX design.

Following the pandemic, most of its classes have adopted a hybrid learning model, allowing students the flexibility to attend classes in-person or join virtually from home. This approach has been particularly impactful for learners in remote and mountainous areas, who may otherwise not have access to a high-quality education.

Co-founder and CEO of MindX Nguyen Thanh Tung said, "Our dream is to create a Little Silicon Valley in every Vietnamese neighbourhood, where everyone is empowered to create cool digital products that make the world a better place. It's not just a physical space to unleash creativity, it’s a state of mind. Engineering culture and entrepreneurial spirit are embedded in every aspect of our business, from course design to learning experiences."

"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 previously unknown jobs to address the unique challenges of their times," he added.

With the proceeds from the series B round, the company plans to further develop its portfolio of products and services, hybrid learning experiences, and data-driven systems to scale up Vietnam's digital talent pool.

It also aims to connect Vietnamese tech talent with employers in other parts of the world, including the US and Europe. MindX currently partners with over 200 companies in Singapore, Australia, Thailand, and others to enable global access to the digital workforce from Vietnam.

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