NativeX, a Vietnam-based EdTech startup, has secured $4 million in total funding within just eight months since its launch.
NativeX said in a statement on last Friday that it has raised $1.5 million from angel investors through SAFE instruments in June 2023, and it now completes its seed round for an additional $2.5 million.
The round is being co-led by Ansible Ventures and Blueprint Ventures, with the participation of Northstar Ventures and other investors.
With this significant funding, NativeX said it is well-positioned to advance its mission of revolutionizing English learning for 10 million busy working professionals in Vietnam, before moving to other Southeast Asia markets.
Looking ahead, NativeX plans to allocate 80 percent of the seed funding to accelerate product development.
The company aims to launch a new conversational English program in June for intermediate-level users, incorporating soft skills training as well.
In addition to support local workforce to capitalize on better employment opportunities in fast-moving consumer goods (FMCG) and services sectors, NativeX also plans to
collaborate closely with information technology (IT) engineers to develop an ecosystem supporting their success in the global outsourcing IT market.
Ai Chau, Co-Founder and Head of the Academic team, highlighted the company’s unique content-led approach to curriculum design and learning experience, ensuring scalability and consistency in teaching quality as they scale.
Founded in April 2023, NativeX aims to transform how working adults in Vietnam learn English by offering a comprehensive online platform.
The firm believes that English proficiency is key to unlocking the career potential of working professionals, particularly for local tech talents aiming to compete in the global tech labor market.
This platform includes live classes taught by experienced foreign teachers and provides flexible scheduling options to accommodate the busy lives of working professionals.
A standout feature of NativeX is its innovative and flexible group class model, allowing learners to book classes that suit their schedules.
The collaborative and supportive learning environment is created by grouping learners with similar proficiency levels.
It is noted that NativeX has already achieved significant success in its first year of operation, with learners reporting notable improvements in English communication skills.
The platform attracts a diverse range of learners, including 50 percent managers and professionals in IT, healthcare, marketing, and business fields.
According to the firm, continuous learning and adaptation based on user feedback and market trends have been key principles guiding its growth.
Trang Ly, Co-founder and Head of Growth and Engagement, proudly shares that 75 percent of monthly active users (MAU) remains active on the platform after seven months and those users typically spend 12-15 hours per month learning English.
The platform has also gained trust from its user base which is reflected in the very high average order value, two to three times compared to the EdTech industry average in Vietnam.
The founding of NativeX was inspired by the founders’ personal experiences and the recognition of the limitations of traditional learning methods.
The team aims to build a highly engaging upskilling education platform for busy working adults, with English learning being the first vertical.
“Improving education through upskilling will be a crucial pillar in Vietnam’s EdTech market,” said Valerie Van V., Founding Partner at Ansible Ventures.
Despite attracting international investments, she opined that Vietnam’s labor productivity lags behind other Asian countries, ranking 136th out of 185 countries as of 2021.
According to her, this situation necessitates the development of training curricula and investment in top talent by local Vietnamese companies to remain competitive.
As manufacturers strive to produce higher quality products, she noted that the demand for skilled labor will rise.
“Consequently, initiatives for transformation and upskilling, particularly on-the-job training, will receive increased investments and efforts from business owners in Vietnam,
“We are excited to co-lead this NativeX seed round and firmly believe in the company’s potential to empower top Vietnamese talents as they advance in their careers,” she added.
Meanwhile, Huiting Koh, Founding Managing Partner at Blueprint Ventures, said NativeX solves a true pain point for Vietnam’s working professionals.
According to her, the ability to get ahead in their careers is increasingly dependent on a good grasp of the English language – reading, writing, comprehension and verbal communication.
“NativeX delivers a product that has a strong product human-need fit, creates an emotional affinity with its end consumers by empowering them to reach their goals, and aligns with their values by helping them get ahead in life,
“These are elements of a strong foundation for NativeX to become a lasting brand,” she said.
She also noted the strong user and engagement metrics at this early stage are equally impressive, combined with the market’s demand for their product.
“We are excited to partner with our esteemed co-investors and back this experienced management team to build a trusted and credible education technology brand for adult English learning in Vietnam,” she added.
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