MindX, a Vietnamese edtech startup focusing on technology training, has raised $15 million in a series B funding round led by Singapore-headquartered private equity fund Kaizenvest.
Kaizenvest is an education-focused fund with a portfolio featuring investments in India-based edtech startups Byju’s, upGrad, Vedantu, Leverage Edu, Varthana, Klay; the Philippines’ Phinma Education; and Singapore’s Blue Planet. In Vietnam, another investment is in English language training chain Yola.
The funding round featured other backers, namely Thailand's education firm Aksorn, Japan's human resources firm Mynavi, and leader of the series-A funding round Wavemaker Partners. MindX also receives financing from Beacon Fund, an investment firm that focuses on women-owned and -led businesses in Southeast Asia.
In November 2021, MindX secured $3 million from a series A funding round led by Wavemaker Partners, Thien Viet Securities, and Beacon Fund.
Founded in Hanoi in 2015, MindX has grown to become a leading ecosystem of technology education and entrepreneurship in Southeast Asia, providing digital skill training for all age groups. The startup now operates nearly 40 establishments nationwide with over 40,000 graduates.
With the fund, MindX aims to expand its portfolio of products and services, optimize customer experiences, push data-driven systems, and connect Vietnamese talents with employers around the world, including the U.S. and Europe.
Startups in Vietnam secured 134 deals with venture capital investment of $634 million in 2022, down 19% and 56% year-on-year respectively, according to the Vietnam Innovation & Tech Investment Report 2023. Of this, the education sector secured investment of $32 million, down 41% from $55 million in 2021.
The report, released by Do Ventures and Vietnam National Innovation Center, said the sharp decline in venture capital was partly due to the profound impact of global turbulences, including financial uncertainty and market volatility.