A significant number of educational technology startups in Vietnam are garnering considerable investment interest from international investors, with AI-based English learning app ELSA being the latest example, according to DealStreetAsia.
The startup backed by Vietnam Investment Group (VI Group) is understood to have raised US$20 million in a new funding round led by UOB Venture Management, the private equity arm of Singapore-based bank UOB, DealStreetAsia reported on Tuesday.
The latest funding comes two years after ELSA, which stands for English Language Speech Assistant, secured $15 million in its Series B round co-led by VI Group and international investor SIG.
Existing investors Gradient Ventures, an AI-focused venture fund launched by Google, SOSV, and Monk’s Hill Ventures, as well as new investors Endeavor Catalyst and Globant Ventures had also joined the previous round.
Most recently, Vietnamese edtech startup VUIHOC attracted $6 million in a round led by Southeast Asia-focused venture capital firm TNB Aura.
The round also included participation from TKG Taekwang and IBK-STIC Pioneer fund, as well as existing investors such as Do Ventures, BAce Capital, and Vulpes.
In May, Vietnamese edtech startup TEKY Alpha JSC raised $5 million in funding from Singapore-based impact investor Sweef Capital, which made its first investment from its Southeast Asia Women’s Economic Empowerment Fund.
Earlier, Vietnamese edtech startup MindX acquired $15 million in a Series B round led by education-focused private equity fund Kaizenvest.
Other investors that participated in the round included Thailand-based education company Aksorn, Japanese HR firm Mynavi, and existing investor Wavemaker Partners, which had led the startup’s Series A round.
Vietnamese startup companies secured cumulative funding of $413 million in the second quarter of this year, according to DealStreetAsia.
Only Singaporean companies surpassed this figure by raising $1.24 billion during the three-month period.
Indonesian startup fundraising lagged behind that of Vietnam, amassing total equity funding of $327 million.