Vietnam-based edtech firm raises US$50m in funding
The move marked the biggest financing for an online education company in Southeast Asia.
Hanoi-based Topica Edtech Group, an education technology company in Southeast Asia with over 1,700 employees, announced that it has raised a US$50 million series D round led by Singaporean private equity firm Northstar Group, according to TechinAsia.
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Topica said Northstar had a minority stake upon completion of the investment and has joined its board of directors, DealStreetAsia reported.
The investment will support new product development across the region and increase the pace of enhancements in Topica’s technology and AI capabilities, the Vietnamese firm said in a statement.
Topica’s existing investors include Openspace Ventures, Patamar Capital, CyberAgent Ventures, EduLab Group, and IDG Ventures.
The firm provides online English-speaking classes, a marketplace of over 2,000 short skill courses with video teaching materials, and a platform that enables 12 universities in the region to offer online degree programs.
Started in 2008 and headquartered in Hanoi, Topica also runs several programs that groom entrepreneurs.
The Northstar Group is managing more than US$2 billion in committed equity capital dedicated to investing in growth companies in Southeast Asia.
Northstar is currently preparing to launch its fifth fund and is targeting to raise more than $800 million for this vehicle. It is currently investing from Northstar Equity Partners IV. Its four funds have invested in over 30 companies across the banking, insurance, consumer/retail, manufacturing, coal and mining services, technology, telecom, and agribusiness sectors.
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