Hanoi-based Teky focuses on the delivery of science, technology, engineering, the arts and mathematics (STEAM) education. hoto by Getty Images.
Existing investor Strategic Year Holdings, a Hong Kong-based investment company with an education focus, also participated in the round.
The investment will support the expansion of Teky’s educational services in Vietnam’s public school system and after-school programs for children aged five to 18, according to an announcement.
Hanoi-based Teky was founded by Dao Lan Huong in 2016 and focuses on delivery of science, technology, engineering, the arts and mathematics (STEAM) education.
The company operates 16 STEAM academies in five cities across Vietnam and has partnered with more than 45 schools across the country to deliver STEAM courses to over 25,000 children.
“The Teky investment significantly contributes to building foundational skills among children, particularly in problem-solving and critical and creative thinking, which are fundamental to both career progression and innovation outcomes. Sweef Capital shares the founder’s vision to enable a mindset change about STEAM opportunities for girls that would see more girls study these critical disciplines and pursue professional careers in STEAM,” Jennifer Buckley, Sweef founder and managing director, told DealStreetAsia.
In the coming years, Teky plans to expand rapidly by opening up 40 new educational centers and hundreds of Teky STEAM labs at schools by 2024. With this growth, Teky aims to become the leading edtech business not only in Vietnam but also across Southeast Asia.
“I’m excited about our expansion plan to open more STEAM centers across the country in the next two years and prospects of a partnership with public schools to integrate the STEAM curriculum and increase accessibility,” said Dao.
From a social and market perspective, the demand for technology education has been growing in many countries, and coding as a digital language and technology as a fundamental are fast proving as popular as English, but there aren’t many solutions in Vietnam to fulfill that need, she added.
According to Buckley, this investment demonstrates the dual effectiveness of a gendered approach to investments that combines private equity structures and impact-driven outcomes.
“Throughout the investment process, we look for strong business fundamentals and build impact measurement and management into the investment process,” she said.
Sweef Capital is a Singapore-based impact investment firm investing in the potential of women and the future of Southeast Asia.
As a private equity firm, Sweef Capital focuses on investing equity and quasi-equity capital in growth-stage companies, primarily in Vietnam, Indonesia and the Philippines.
It targets investments in growth markets, including education, health care, food systems and climate resilience — sectors that are experiencing strong and increasing demand.
In April, Vietnamese edtech startup MindX raised $15 million in a Series B funding round led by education-focused private equity fund Kaizenvest. Other investors that participated in the round include Thailand-based education firm Aksorn, Japanese human resources firm Mynavi, and existing investor Wavemaker Partners, which had led the firm’s Series A round.
Vietnam witnessed a boom in edtech investments last year. In September 2022, Edupia raised $14 million in Series A financing led by Jungle Ventures.
Virtual Internships, a Vietnam-based edtech startup, also announced raising $14.3 million in a Series A funding round anchored by European technology investor Hambro Perks.
Other edtech startups that raised funds last year include VUIHOC, Marathon and Azota.
Source: Nikkei Asia