Prep, an online learning platform that specializes in standardized language test preparation, has raised $1 million in a seed funding round co-led by East Ventures and Cercano Management.
The funding brings Prep’s total funds raised to $2 million, including the $1 million that it received from Touchstone Partners in 2022, the Vietnamese EdTech startup said in a statement.
According to Prep, the new investment will allow the company to accelerate its product development and business activities to increase adoption in the market.
Prep was founded by Tu Pham and Tran Hoai Nam in 2020 with a mission to make quality test preparation accessible to everyone. The platform offers online courses and mock exam solutions for standardized language tests such as IELTS, TOEIC, and Vietnam’s High School Graduation Exam. Prep also plans to offer courses for other standardized tests like JLPT for Japanese, HSK for Chinese, and TOPIK for Korean.
We are thrilled to have the support from all our investors as we provide accessible quality education in Vietnam and in Southeast Asia. We believe this investment will support us in bringing high-quality language courses to the learners, providing them with the desired language skills to succeed in today’s fast-changing world, said Tu Pham, Co-founder and Chief Executive Officer of Prep.
Prep provides personalized learning experiences that are result-oriented, engaging, and tailored to each student’s unique learning style, pace, and preferences. The platform offers asynchronous interactive content that fosters engagement and active participation among students. Using deep learning technology, the platform simulates an immersive and interactive real-test environment which enhances learning effectiveness.
Koh Wai Kit, Managing Partner at East Ventures, said,
We are impressed by Prep’s innovative approach to online education and their commitment to providing affordable and effective learning solutions. With the big potential in the market, combined with the extensive experience of Tu and team, we believe that Prep is well positioned to provide quality education in Vietnam and beyond. We welcome Prep to the East Ventures’ family and are excited to be part of their journey.
MJ Yu, Managing Director of Cercano Management, added,
We strongly believe Prep is a category leader within the digital test preparation vertical with their emphasis on technology, application of natural language processing tools and outcome-oriented approach at their core. We see immense scale and potential in the space they are addressing and are excited to embark on this journey with the team.
Prep claims to have attracted more than 100,000 users since its launch in 2020. The company aims to expand its user base to half a million in 2023.