Vietnam: TEKY Corp looks to raise at least $3m from pre-ICO

Vietnamese learning academy TEKY is joining the initial coin offering (ICO) bandwagon with its offer of tokens starting on November 11 and a target to raise at least $3 million.

The company said this will be the first ICO in the STEAM (Science, Technology, Engineering, Art and Mathematics) industry.

The ICO pre-sale will be open until December 10 with up to 40 per cent bonuses. Investors in public sale, from December 15 to 14 January 2018, will enjoy 25 per cent bonuses.

TEKY expects to raise as much as $25 million from the ICO of 280 million tokens, a top executive at the firm revealed to DEALSTREETASIA.

Investors might choose to hold the TEKY Coin for dividends of the company later, or trade for available cryptocurrencies. TEKY said it was particularly targeting buyers from Southeast Asia, China, Russia, Japan, South Korea and India.

TEKY coin holders will be able to use the digital currency to purchase smart tech-toys and gadgets via the TEKY e-retail shop MEK.store, or sign up for educational courses at TEKY Academy, the two business verticals of TEKY.

MEK.store is slated to be launched in March 2018, with warehouses having already been set up in China and the US. TEKY has been providing training courses on programming and app development, robotics and engineering, as well as 3D technology and multimedia, since its establishment in 2016.

Backed by Vietnam’s e-commerce ecosystem developer NextTech, the self-proclaimed Rocket Internet of Southeast Asia, TEKY has developed two training centres for kids in Hanoi and Ho Chi Minh City.

The market for IT training is estimated at some $500 million in Vietnam, with approximately 21 million K-12 students, about 40 per cent of whom are from these two cities.

After securing $500,000 from the parent group as well as angel investors, TEKY opted to tap the ICO opportunity due to its recent proven fundraising efficiency.

Over the past three months, two Vietnam-related startups are planning to draw attention from ICO investors, including dating app Whispers and vending machine operator Dropfoods.

Also read:

DSA Summit: Digital currency players on how ICOs are ‘most efficient way to raise capital’

US dating app Whispers mulls $45m ICO, to expand to Asia

Singapore: Sugar Ventures-backed Dropfoods to launch $9m digital token offer