MindX Raises $3.3M to Bridge the Tech Skills Gap in Vietnam

Vietnam’s MindX Secures $3.3 Million to Address Tech Skills Gap

The Vietnamese digital economy is experiencing rapid expansion, yet a significant deficiency in skilled IT professionals is becoming increasingly apparent. A desire for coding education is prevalent among young people, however, existing school programs often lack the necessary depth, according to Tung Nguyen, co-founder of MindX.

Series A Funding and Investors

MindX, an education platform specializing in tech career preparation through both online and offline instruction, has announced the successful completion of a $3 million Series A funding round. Wavemaker Partners, Thien Viet Securities, and an anonymous US-based investor spearheaded the investment.

Furthermore, MindX secured debt financing from Beacon Fund, a firm dedicated to supporting companies led by women entrepreneurs.

Expansion Plans and Course Offerings

The newly acquired funds will be strategically allocated to enhance MindX’s online platform, develop additional educational resources, and broaden its reach into Vietnam’s Tier 2 and 3 cities, as well as rural areas.

A key initiative involves strengthening MindX’s network of technology companies to facilitate job placements for course graduates. The startup caters to a diverse student base, ranging from kindergarten through grade 12, and also includes university students.

MindX boasts a track record of successful alumni who have secured positions at prominent companies such as Google, Amazon, and Shopee.

Innovative Income Share Agreement

For students aspiring to become tech professionals, MindX intends to introduce an income share agreement (ISA). This model allows students to defer tuition payments until they obtain employment, removing the immediate financial burden.

“Parents with limited financial resources prioritize guaranteed job placement for their children, while also needing to manage tuition costs,” explained Tung Nguyen. “We are responding to this need by implementing an ISA by the end of the year.”

An initial program will target individuals with one to two years of software development experience in Vietnam, preparing them for higher-paying roles in Singapore, with tuition repayment linked to their new income.

MindX’s Origins and Growth

Founded in 2015 by Tung Nguyen and Ha Nguyen, MindX began as a non-profit venture. Both founders concurrently worked in the tech industry, offering part-time coding classes and providing learning resources and laptops to their students.

Demand rapidly increased, prompting them to dedicate themselves to MindX full-time.

Currently, MindX operates 13 physical locations across Vietnam, alongside its online platform. The company has maintained profitability for the past six years, even throughout the challenges of the COVID-19 pandemic.

Remarkably, MindX experienced a 1,000% year-over-year increase in online enrollment as of September 2021.

Strategic Partnerships and Hiring Rates

MindX collaborates with approximately 200 tech companies in Vietnam, Singapore, Japan, and other nations to connect students with employment opportunities. The company reports a 100% hiring rate for graduates in Vietnam and a 55% rate in Singapore.

These partner companies also contribute to the educational process, providing students with opportunities to work on real-world tech projects.

A Personal Mission

For both Tung Nguyen and Ha Nguyen, establishing MindX stemmed from a deeply personal motivation. “We lacked early access to technology education,” stated Tung Nguyen. “Growing up in a rural province of Vietnam, computers were prohibitively expensive for most families, including mine.”

Tung was the first in his family to attend college, but he left after one year. “I didn’t find fulfillment in the university curriculum and couldn’t envision a future within it,” he explained. He then independently learned coding over a period of two and a half years.

“This experience fundamentally changed my life, opening doors to numerous opportunities, including a software engineering position in Hamburg, Germany.”

Bridging the Opportunity Gap

During his time in Europe, Tung observed that his peers had begun coding at a much younger age, during primary school. “I realized that if Vietnamese students had similar opportunities, their futures and their ability to compete in the global job market would be significantly enhanced.”

Course Length and Curriculum

MindX differentiates itself from many STEM education centers in Vietnam by offering courses ranging from one to ten years in duration, tailored to students’ age, skill level, and career aspirations. While shorter courses were initially more popular, MindX is seeing a growing number of students enrolling in longer-term programs.

Students are organized into cohorts and receive close mentorship from instructors.

Career Support and Blockchain Integration

Upon course completion, MindX provides career counseling, assisting students with CV development and interview preparation. A portion of the new funding will be used to implement blockchain technology to streamline the tracking of alumni employment and automate the application process.

Investor Confidence

Gavin Lee, general partner at Wavemaker, expressed enthusiasm about the investment, stating, “We are excited to support the MindX team in their mission to transform Vietnam’s tech education landscape and create career opportunities for the country’s 20 million K-12 and university students. MindX is directly addressing a critical need, given the escalating shortage of software engineers in Vietnam.”