Vietnam based app Vooy, which connects preschool teachers and parents, has received a $5,000 angel investment.
It is the first such app in the country to offer localised services to the segment with a potential market size of more than nine million – the number of children under six years of age in Vietnam.
The app aims to replace the handwritten notebooks that are still used for interaction between teachers and parents, in 80 per cent of the domestic kindergartens.
However, at the initial stage of deployment, Vooy will target the bigger cities, where more people can afford a smartphone and have an internet connection.
Doan Manh Ha, CEO of Vooy, estimates that there are some one million kindergarten kids in the major cities, where private preschool tuition fee ranges from $150 to $1,000 per month, and other expenses take up $75. They constitute a targeted market size of $42 million.
In terms of competitors, there are several foreign classroom communications platforms, including, inter alia, Class Dojo (raising a $8.5 million series A funding), Remind (which secured a $40 million series C round) and Kids Note, which has been wholly acquired by Daum Kakao, the parent company of South Korea’s most popular messaging app KakaoTalk, earlier this year.
However, these ed-tech apps are not built for Vietnamese users, while Vooy is developed in both English and Vietnamese. The app is also integrated with other functions of delivering pictures, voices and HD videos.
Currently running prototype, Ha hopes that his team will start making profit in 2018, when revenue is expected to reach $750,000. The revenue and profit are anticipated to grow rapidly to $1.5 million and roughly $400,000 respectively, in the following year.
“As a pioneer in this kind of service, we hope to easily expand in the near future. The initial angel investment is a big encouragement to our team, and we expect to exploit the expertise of the investors in developing our business,” Ha said.
Ha has over six years of experience as a software developer in various IT companies, including the giant FPT Group. His fellows, chief operating officer Le Quang Chien and chief technology officer Nguyen Minh Tuan also have multiple years working in the software and marketing sectors.
Vietnamese kids have been familiar with the “Phieu be ngoan” (aka encouraging stickers for well-behaved ones), which will be replaced by e-badges available within the app.
Ha reveals that he has reached a number of kindergartens for a pilot use. One of the team’s advisors also has connection in the Vietnamese kindergarten system. Thus, Vooy is focusing on advertising the app to parents, who might find it attractive.
To the kids, what’s fascinating is the lively animated “e-Phieu be ngoan” and the exciting awards negotiated by their parents and teachers.