Vietnamese edtech startup Everest raises USD 4 million in Series B round

The startup helps students enter and succeed in international academic environments using technology and learning centers.

Vietnamese startup Everest Education has raised USD 4 million in a Series B financing round led by Hong Kong-based private equity firm, Hendale Capital, alongside Viet Capital Ventures, and Singapore-based family office Nullabor, the startup announced in a press release.

Founded in 2011 by Tony Ngo and Don Le, the startup helps students get accepted into overseas education programs and to succeed in international academic environments. It will use the funds to grow its learning centers. The company has also developed its own classroom management software and its own courses with a blended learning approach, meaning that it uses technology for seamless and personalized online and offline learning. The company currently operates seven learning centers in Ho Chi Minh City, Vietnam.

Henry Lee, managing partner at Hendale Capital, said that Everest has “the potential to make a significant impact in the rapidly expanding supplemental education space in Vietnam.”

“We are committed to being a part of Vietnam’s vibrant growth equity space and see education as a critical element in the country’s continuing economic development,” Lee said in the statement.

Pho Pham, managing partner at Viet Capital Ventures, said: “Vietnam’s 17 million K-12 student population is a large market, where people spend up to 40% of their disposable income on education, yet there is unequal access to high quality education.”

Vietnam currently has about 87 edtech startups. The most well-funded is Topica, which raised a USD 50 million in its Series B round in late 2018.