BEENEXT, Qualgro invest in Vietnamese edtech startup Edmicro’s pre-Series A+ round

Source: Avel Chuklanov/Unsplash

Vietnamese edtech startup Edmicro has closed a pre-Series A+ round from Singapore-based venture capital firm BEENEXT, Qualgro, and existing investor Insignia Ventures Partners.

The company’s co-founder and CEO Que Nguyen confirmed the deal with DealStreetAsia in an interaction.

While the startup did not disclose the deal value, data from Venture Cap Insights shows that the startup raised $2 million at a share price that is up nearly five times from a previous pre-Series A round in 2019. That round was led by Insignia Ventures Partners and the amount was undisclosed.

Founded in 2018, Edmicro is a smart self-learning platform catering to Vietnamese students. Its founders — IT expert Nguyen Ngoc Que; former Intel Vietnam manager Dang Bao Linh; education sales veteran Nguyen Quy Tien; and Pham Giang Linh, CEO of online course provider Hocmai — are highly experienced in the education and technology sector.

The company’s CEO said that the latest fund will be used to strengthen its core product Onluyen.vn and expand across Vietnam.

Onluyen.vn adapts to the needs of every learner. Edmicro claims that Onluyen.vn has clocked over 80,000 downloads to date and helped more than 400,000 students practice and master what they’re learning each month.

Edtech is among the sectors that attracted the most investments in Vietnam during the pandemic.

Most recently, AI-based English learning app ELSA, founded by Vu Van, raised $15 million in its Series B round co-led by VI (Vietnam Investments) Group and international investor SIG.

Manabie, a Singapore-based education tech firm with operations in Vietnam, early this month, secured $3 million in investment from Vietnam-based VC firm Do Ventures, Japan’s Genesia Ventures, and Chiba Dojo.

Singapore-based venture capital firm BEENEXT, meanwhile, is looking at ramping up its early-stage investments in Vietnam, as the country rides on growth driven by the rapid pace of technology adoption and the successful containment of the pandemic.

“We are excited about local digitalisation, especially the digital inclusion of Tier 2 and 3 cities in fintech, healthtech, and edtech, as well as B2B supply chain innovation for micro, small- or medium-sized enterprises and agritech/industrial-tech expansion,” BEENEXT’s venture investor in Vietnam Michael Do told DealStreetAsia in an interview in February.

Insignia Ventures Partners is an early-stage technology venture capital firm dedicated to growing the most influential technology companies in Southeast Asia since 2017. Its portfolio in Vietnam includes logistics company Logivan, accelerator programme Topica Founder Institute, and real estate portal Propzy.

Qualgro is a Singapore-based venture capital firm. In 2018, Qualgro made the first close of its $100-million ASEAN fund, which invests in B2B companies in the tech space across Southeast Asia and Australia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.