Prep, a Vietnam-based language learning and test preparation platform, has raised US$7 million in Series A funding, co-led by Cercano Management Asia (formerly known as Vulcan Capital) and Northstar Ventures.
Touchstone Partners, East Ventures, and Saison Capital also participated.
The capital will allow Prep to expand its team, refine its learning tools, and expand into other language products and new markets.
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Founded in 2020 by CEO Tu Pham and CTO Nam Tran, Prep is an online language learning and test preparation platform that helps learners of all ages reach their full potential. Its current offerings include personalised study plans, interactive learning content, and AI-powered test and role-playing rooms.
In 2022, the edutech startup released its AI-powered virtual speaking room, which it claims helped multiply revenue by 3x in three months. Together with its AI-powered virtual writing room, this feature enables the company to deliver “high-quality” education at a fraction of the average cost learners would pay.
“The ultimate vision of Prep is to enable every learner to feel as if they have a dedicated personal teacher and mentor to help them achieve their learning targets. This new investment is an important milestone for us in realising this vision,” said Tu Pham.
Also Read: Startup investments in Vietnam see 39% drop in Q1
“Quality education made more accessible through technology has been a segment of emphasis for us. Prep’s application of technology to drive positive outcomes for language learning and standardised test preparation has been one of the best we have seen from the region,” said MJ Yu, Managing Director of Cercano Management Asia.
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