Vietnamese edtech startup raises 2.4 million USD from foreign funds

Illustrative image (Source: Azota)

Hanoi (VNA) – Vietnam-based edTech platform Azota has raised 2.4 million USD in a Pre-Series A round led by GGV Capital, a global venture capital firm that invests in local founders.

According to Tech in Asia, new investor Nextrans and existing backer Do Ventures also participated in the round.

Founded in 2021 by Dai Nguyen, Hung Le, and Au Nguyen, Azota is an online platform that lets teachers create and grade tests automatically. It also offers real-time exam proctoring and student performance tracking tools.

The startup said it has a user base of over 700,000 teachers and about 10 million students nationwide. Since its inception, the platform has seen approximately 300 million exercises submitted through its system.

Azota founder (Source: vietnambiz)

“We believe that by being able to reduce labour-intensive tasks, teachers could better spend their valuable time on impactful actions such as working more closely with individual students, or creating more engaging lessons for their students,” said Au, who also serves as Azota’s CEO.

The company will use the new funds to improve its system performance and develop new features for its products. Azota said it aims to become a holistic teaching platform for hybrid learning in the post-pandemic era.

Tech in Asia commented that Vietnam is one of the fastest-growing edtech markets in the world, with total revenue en route to reach 3 billion USD by next year. The country sees a compound annual growth rate of 20.2% from 2019 to 2023, it added./.

VNA