EQuest Education Group, a Vietnam-based educational technology company, has recently announced that it has raised $120 million through debt from creditors and equity from its existing investor KKR’s Global Impact Fund. With the fresh capital, the company plans to strengthen its offline K-12 education and college and university systems, mainly targeting Vietnamese students who want to complete a US undergraduate program at more affordable prices.
Founded in 2013, EQuest is one of Vietnam’s largest private educational institutions, with more than 362,000 students in an ecosystem from K-12 to colleges and universities across the country. The startup aims to strengthen Vietnamese students’ competitiveness level and invest in human capital development.
The platform’s K-12 members include prestigious inter-school systems such as Alpha School (Hanoi), Hanoi Primary School for Educational Technology, Happy School (Vung Tau), Newton Grammar School system (Hanoi and Vinh Phuc), Hanoi Star Education system, St. Nicholas (Da Nang), Canadian-Vietnam Kindergarten(CVK), Albert Einstein School (AES), Bilingual Canadian International School (BCIS) and CIS in Ho Chi Minh City. Its system of colleges and universities includes Vietnamese American College (Hanoi and Ho Chi Minh City), Broward College (an American college with campuses in Hanoi and Ho Chi Minh City), Saigon Polytechnic High School, and Phu Xuan University (Hue).
Commenting on the fundraising, Senior Vice President of EQuest, David Armstrong, said:
This significant investment reinforces our commitment to provide a world-class education at an affordable cost. Now, more Vietnamese families and students can experience a proper US university education here in Vietnam.
EQuest also announced the appointment of Đàm Bích Thuỷ, Founding President of Fulbright University Vietnam, as an independent board member, effective May 15, 2023. According to the company, it has further solidified its strong financial position and unwavering dedication to providing high-quality education at affordable cost in Vietnam.
Đàm Bích Thuỷ commented:
I am honoured to be part of this pioneering organization and contribute to its mission of delivering high-quality education in Vietnam. I look forward to collaborating with The Board and leveraging my experience to drive positive change in education.
In 2021, EQuest had raised US$100 million from the US investment major, marking the biggest deal in Vietnam’s EdTech sector that year.