27/06/2023 (Vietnam) - Vietnamese financial education startup, Stag, successfully raised $600,000 in a seed funding round. The investment round was participated by local investment house Viet Capital Ventures, NH Securities Vietnam—an affiliate of South Korea's Nonghyup Financial Group, and Singapore-based Resolution Ventures.
Founded in Vietnam, Stag is part of the growing edtech startup scene in the country that is witnessing substantial demand for online learning solutions. The COVID-19 pandemic and resultant social distancing measures globally have severely disrupted traditional education, spurring many edtech startups in Vietnam to enter the rapidly expanding digital market.
Edtech startups in Vietnam are increasingly filling the gap in the country's education system, following the pandemic. As the third largest growing market after fintech and e-commerce, edtech is seeing a 32% increase per year, drawing both domestic and foreign investments. The Vietnamese edtech market is projected to continue to grow and evolve, with investments in edtech startups increasing by 50% annually as foreign investors seek more partnerships in the country's digital learning market, which consists of 17 million K-12 students.
Viet Capital Ventures, an active venture capital firm specializing in early-stage ventures, was one of the investors in Stag's seed funding round. The firm has a history of backing fintech startups in Vietnam, reflecting their ongoing interest in the potential of the country's evolving fintech landscape.
NH Securities Vietnam, a subsidiary of NH Investment & Securities—one of the largest securities firms in South Korea—also participated in the funding round. Established in 2018, the firm provides a range of financial services, including asset management, investment banking, and brokerage services, through its extensive network of branches, representative offices, and subsidiaries globally.
Singapore-based Resolution Ventures, known for backing founders with international ambitions, was another key investor. The firm focuses on early-stage fintech companies in Southeast Asia, looking for solutions that address immediate problems around financial inclusion and the financial infrastructure in the region that could potentially be exported to the rest of the world. The investment in Stag aligns with their mission to foster financial innovation that can pave the way for broader financial inclusion in Southeast Asia.
This funding round marks a significant milestone for Stag and is indicative of the increasing investor interest in Vietnam's edtech and fintech sectors. The investment is expected to help Stag expand its operations and continue to innovate within the financial education space. As the edtech market continues to grow, Stag and other similar startups are poised to play a crucial role in transforming the education landscape in Vietnam and potentially beyond.