Hanoi, Vietnam-based Topica has raised $50 million in Series D funding led by Singapore private equity company Northstar Group. This round of funding was the highest to date for a Vietnamese technology company. Openspace Ventures, one of Topica’s previous investors, lists Northstar as one of its LPs. Northstar’s investment is described as a minority stake, but Topica’s valuation with this round is unknown.
Topica’s online educational classes include live English tutoring and even bachelor’s degree programs via partnerships with universities. Currently, Topica is partnered with 16 universities and its program graduated about 6,200 students.
TechCrunch pointed out that the startup ecosystem in Vietnam has been progressing forward as 500 Startups Vietnam raised $14 million recently to invest in local businesses. Topica also has an early-stage accelerator program for startups. Startups that have graduated from this program went on to raise more than $20 million afterward.
Topica launched about ten years ago at an event that Microsoft co-founder Bill Gates attended. Since then, Topica has been used by more than one million adults. Microsoft and Qualcomm were Topica’s original sponsors. Now Topica is available in the six largest countries in Southeast Asia including Vietnam, Indonesia, Thailand, Singapore, Malaysia and the Philippines.
“We have been blessed to work with great partners like Northstar and our existing investors, who are all enthusiastic about our vision of investing in the long term to help bring quality education to millions of learners in Southeast Asia and beyond,” said Topica chairman and CEO Dr. Tuan Pham in a statement.
Topica’s marketplace includes over 2,000 short skill courses that helps users how to perform high-demand tasks involving productivity software, programming, video editing, etc. Topica has over 1,700 staff members and 2,000 teaching instructors across its offices.