Why we invest: Edupia - Technological integration to the textbook, enhancing English proficiency for millions of rural children in Vietnam07/12/2022 In September 2022, Edupia, an ed-tech startup, recently succeeded in the Series A fundraising round led by Jungle Ventures with the participation of ThinkZone Ventures and eWTP Capital.
Through Edupia's positive performances and growing demand for English learning, ThinkZone Ventures has decided to invest in and go on board with the startup, helping millions of rural students better their English. This article shall enlighten you with the criteria and reasons we invest in Edupia.
Introduction to Edupia
Edupia was founded in 2018 to enhance English for millions of rural children. The startup provides an international-standard e-learning platform accustomed to primary and secondary education curriculums. Edupia aims to improve the learning quality for rural kids, closing the knowledge and capability gap with their urban counterparts.
Edupia has a good sense of market opportunity, ensuring its progress in the next five to ten years
The E-learning market continues to expand
The online learning market in Vietnam, especially for acquiring foreign languages, is on its growth momentum. Vietnam is one of the ten Edtech markets exerting the highest growth compared to the rest of the world(Vietnam Edtech Report, 2021). Regarding KenResearch, Vietnam's E-learning market in terms of revenue will increase at a double-digit CAGR for five years from 2019 to 2023 (KenResearch, 2019).
The market that Edupia taps in is abundant in potential
At present, Edupia has more than 450,000 paid customers. However, this is a small fraction of the total Vietnamese education segment of approximately 20 million students from kindergarten to high school, in which primary and secondary students hold a portion of 13-15 million. Regardless of a no less enormous demand from rural regions and lower-tier cities compared to central parts, the English learning market here is still primitive. In most cases, students can only register for extra courses from regional English teachers, and the study program is heavily limited to textbooks.
On the other hand, ed-tech startups used to be constrained in rural areas and lower-tier cities due to a lack of technological device usage for educational purposes for children. The game has changed since the commencement of the pandemic pushing parents to facilitate internet-accessible devices for their kids. With this technological constraint removal opportunity, ed-tech startups like Edupia can easily penetrate the market.
Product - Critical criterion leading to investing decision
An advanced study program is possible when it emerges from a solid technological foundation
To reach 5,000,000 users in Southeast Asia, Edupia possesses advanced technologies that help maintain a high load of access and impressive user experience. I-speak, one of Edupia's highlights, is made of AI technology that helps improve English speaking for students through daily communication with the platform. Within three months of interacting with the platform, specifically I-speak, more than 300,000 primary students have been more active in communicating in English.
Edupia's credibility is built upon high-quality teaching
Mr. Adam Lewis, CCO of Edupia and an expert in language education, has walked the extra mile with Edupia in creating a well-rounded study program that has successfully been applied to students across Vietnam. With over nine years of leading and teaching in well-known Vietnamese international schools such as Sentia, Wellspring, and St Paul America, Mr. Lewis understands what Edupia needs to execute to improve teaching quality and facilitate students with a digestive yet practical study program.
Besides the insightful and digestive curriculum for students, the Edupia platform further differentiates itself from other English apps by possessing a team of tutors that supports students 24/7 and ensures their progress.
A slightly above 60% retention rate from Edupia has proved the teaching quality of this platform. This rate is considerably higher than most ed-tech startups in Vietnam.
The success capability of Edupia's model has been proved
ThinkZone Ventures is impressed with the fast-paced growth of Edupia - the #1 ed-tech startup in teaching English in Vietnam. Since the fundraising in September 2022, the company has successfully raised its total paid-up capital to $16M. In addition, Edupia gained a positive revenue in 2021, three times higher than in 2020, and nine times higher than in 2019. Extensive fund-raising capital, along with increasing revenues, has opened opportunities for Edupia to penetrate other markets in Southeast Asia such as Myanmar, Thailand, and Indonesia.
The enthusiastic Founder and his dream of improving English proficiency for rural children
Put down the managerial position from Viettel, with in-depth experience in business operation and growth, Mr. Hung Tran, Founder & CEO of Edupia, decided to establish Edupia and went on a journey of achieving equalization of the education opportunity between rural students and their urban counterparts.
For the above reasons, ThinkZone Ventures is confident to invest and partner with Edupia to bring better education to students across Southeast Asia. We will commit to providing the best resources to help Edupia bring this vision to life.