The funding will be used to expand MindX’s online platform, create more educational content and expand into Vietnamese Tier 2 and 3 cities and rural provinces
Vietnam’s digital economy is one of the fastest growing in the world, but the country is facing a growing shortage of IT workers. Many kids want to study coding, but school curriculums are limited, said Tung Nguyen, the co-founder of MindX, an online/offline education platform that focuses on preparing students for tech careers.
The company announced today that it has raised a $3 million Series A, led by Wavemaker Partners, Vietnamese investment bank Thien Viet Securities and an undisclosed US-based investor.
MindX also received debt funding from Beacon Fund, an investment firm that focuses on companies founded by women.
The funding will be used to expand MindX’s online platform, create more educational content and expand into Vietnamese Tier 2 and 3 cities and rural provinces. MindX plans to build its network of tech companies that offer jobs to students who complete its courses. The startup’s courses are focused on kids ranging from kindergarten to grade 12, and university students, too. It says alumni have gone on to work as software engineers at companies like Google, Amazon and Shopee.
For students who enter MindX with the goal of becoming tech professionals, the startup plans to begin offering an income share agreement, where students only pay tuition after securing a job, eliminating the need for upfront payments.
One concern for parents with low-income levels is that they want their kids to have a guaranteed job placement, but they don’t want to run out of money for tuition, said Tung. They asked for financing solutions and we plan to implement the income sharing model by the end of this year for our students. One example will be a program geared toward students who already have one or two years of experience working at software companies in Vietnam. The course will prepare them to find a higher-paying job in Singapore and allow them to pay back tuition after they start working.
MindX now has 13 offline locations in Vietnam, in addition to its online education platform, and claims it has been profitable for the last six years, even during COVID-19. In fact, MindX’s founders say that as of September 2021, MindX had seen a 1,000% year-on-year growth in online enrolment.
MindX partners with 200 tech companies in Vietnam, Singapore, Japan and other countries to help find jobs for its students after they complete training, and says its hiring rates for graduates is 100% in Vietnam and 55% in Singapore. Some of the companies also serve as educational partners. For example, they give MindX’s students chances to create tech products or live projects with them.