Vietnam-based edtech startup Topica Edtech Group has raised US$50 million in a Series D round led by Northstar Group, in what is one of the most significant investments in the sector regionally.
Topica will use the newly-raised funding to accelerate new product development the region and upgrade the company’s technology and AI capabilities.
Founded 10 years ago, the company provides a suite of online educational products such as live English tutoring courses provided by native English speakers from the US, Australia and more. These courses are augmented by AI so students can receive personalised learning experiences.
Another of its online platform is Edumall, a marketplace of over 2,000 short skill courses, offering video learning content on popular topics ranging from Microsoft Office applications and programming skills to lifestyle and edutainment topics.
Additionally, Topica has a platform to help universities offer online degree programmes. Currently, it partners with 12 universities in the region. Topica claims that this programme has a 12-month student retention rate of over 90 per cent. It also has a job guarantee program for these students.
Besides grooming students, Topica also plays a hand in cultivating startups and tech talent.
Through its Founder Institute startup accelerator programme and the Topica Founders in
Residence and Topica Future CEOs internal talent development programmes, Topica has helped to mentor and grow Vietnamese startups such as Appota, Atadi, Beeketing, Hoayeuthuong, Kyna, LOGIVAN, Monkey Junior, Uiza, and Wefit.
Some of these startups have already gone on to raise seed or Series A funding. For example, Logistics startup LOGIVAN has already raised over US$2.35 million.
“We at Northstar are heartened and humbled to support Dr. Tuan and his world class team at Topica as they pursue their important educational mission. We look forward to working closely with the management team and the experienced group of Topica’s existing investors on the next phase of this exciting journey,” Bert Kwan, Managing Director, Northstar Group, in an official press statement.
Topica currently has operations in Vietnam, Thailand, the Philippines, and Indonesia. Besides Northstar, its other existing investors include Openspace Ventures, Patamar
Capital, CyberAgent Ventures, EduLab Group and IDG Ventures.
“We have been blessed to work with great partners like Northstar and our existing investors, who are all enthusiastic about our vision of investing in the long term to help bring quality education to millions of learners in Southeast Asia and beyond,” said Dr. Tuan Pham, Chairman and CEO of Topica.
Image Credit: Topica