Since its launch, Prep startup has attracted over 100,000 users across all provinces and cities in Vietnam and regional markets.
Heaptalk, Jakarta — An online learning platform based in Vietnam specializing in standardized language test preparation, Prep, announced its new funding achievement worth US$1 million, or equal to Rp14.5 billion, led by East Ventures and Cercano Management.
Previously, this ed-tech startup secured capital injection from Touchstone Partners in 2022 worth US$1 million, bringing the total funds raised to US$2 million. Through this new injection accomplishment, Prep aims to amplify its balance sheet and expedite product enhancement and business activities to increase adoption in the market.
“We are thrilled to have the support from all our investors as we provide accessible quality education in Vietnam and Southeast Asia. We believe this investment will support us in delivering high-quality language courses to the learners, providing them with the desired language skills to succeed in the fast-changing world,” The Founder and Chief Executive Officer of Prep, Tu Pham, said.
Founded by Tu Pham, Founder and CEO of Prep, and Tran Hoai Nam, Co-Founder, and CTO of Prep in 2020, these founders combined their experience in teaching languages and developing ed-tech products to create a learning platform that solved significant issues in the field of education in Vietnam and the region.
The founders also viewed a lack of interaction and personalization on existing online platforms, while offline education experiences significant geographical barriers. In Vietnam, most experienced teachers have located in Tier 1 cities, leaving most students in Tier 2 and Tier 3 cities with limited access to quality teaching and learning.
In Vietnam, high-quality standardized test preparation services have always been in demand. The language learning market within Vietnam has tremendous potential, with an estimated market size worth US$2.1 billion, whereby US$1.6 billion is for the English market and the remaining for other languages. Prep was born out of the vast market opportunity as the digital evolution of IPP Education — a chain of offline language centers founded by Tu in 2014.
As an education technology startup, Prep provides online courses and mock exam solutions focusing on standardized language tests, such as IELTS, TOEIC, and the High School Graduation Exam. Aiming to present a pleasing learning experience with a personalized, result-oriented focus, the Prep platform also proffers asynchronous interactive content that fosters student engagement and active participation. The students can also adjust their learning lifestyle with a personalized speed and unique preferences.
The Managing Partner of East Ventures, Koh Wai Kit, recognized the innovative approach of this ed-tech startup in granting affordable and online learning solutions. With the enormous potential in the market, Koh believes the Prep platform is well-positioned to facilitate Vietnam’s education and beyond.
Since its launch, Prep startup has attracted over 100,000 users across all provinces and cities in Vietnam and regional markets. Welcoming this year, the company intends to expand its user base to half a million and to have other standardized language test preparation offerings, including Japanese (JLPT), Chinese (HSK), and Korean (TOPIK).
“The COVID-19 pandemic has amplified online education adoption and accelerated digital education acceptance across schools, educators, students, and parents. We strongly believe Prep is a category leader within the digital test preparation vertical with its emphasis on technology, application of natural language processing tools, and outcome-oriented approach at its core. We observed immense scale and potential in the space they are addressing and are excited to embark on this journey with the team,” said the Managing Director of Cercano Management, MJ Yu.
