Asia Business Channel

Topica Edtech raises $50 million in new funding

Topica Edtech Group, a multinational educational technology group that is headquartered in Hanoi, that provides online education solutions including bachelor degree programs in Vietnam, Southeast Asia and the United States announced that it raised a $50 million USD – Series D funding led by private equity firm Northstar Group.

The proceeds from this funding round will be used to develop new products as well as upgrade the company's technology.

The company was founded in 2008 and focuses on developing online education programs, English-language training courses and technology platforms for massive online open courses. According to the company's announcement, Topica courses are available in Indonesia, the Philippines, Thailand and Vietnam and its courses have been used by almost 1 million people. Topica Group currently has 1,700 employees provides more than 2,000 short courses with online education solutions including Topica Uni, Topica Native, and technology platforms for open online courses in many areas (Edumall).

Through the Topica Founder Institute (TFI), one of the more prominent and successful accelerator programs in Vietnam, Topica is devoted to cultivating startups in the fields of education and technology in Vietnam. Topica has mentored and done early stage investment in a variety of companies including as Appota, Atadi, Beeketing, Hoayeuthuong, Kyna, LOGIVAN, Monkey Junior, Uiza, and Wefit. LOGIVAN, the startup in the transportation filed, has recently successfully raised $2.35 million in a series A round.

The Northstar Group is a private equity firm managing more than $2 billion in committed equity capital dedicated to investing in growth companies in Indonesia and to a lesser extent, other countries in Southeast Asia. Northstar was Topica's sole investor in the series D round.

In previous rounds, Topica received investments from a number of well-known equity firms such as CyberAgent Ventures, EduLab Group, IDG Ventures Vietnam, Openspace Ventures and Patamar Capital. These firms, including CyberAgent Ventures and IDG Ventures Vietnam, have invested in E.D.H Trading Development and Investment Corporation (E.D.H Corp), the main legal entity holding shares in subsidiaries of Topica Edtech Group.

Read 49