Vietnamese Fintech Startup Rootopia Receives $1M Backing From Genesia, ThinkZone Ventures
Source: Rootopia
Rootopia is a fintech startup that supports the education sector by connecting parents whose children cannot get proper learning due to financial issues with angel investors in Vietnam has secured $1 million in a pre-seed round backed by Genesia Ventures, ThinkZone Ventures, and BK Fund.
As of latest, the startup has connected students with angel investors in over 100 schools and educational centers in 10 provinces and cities in the country. Through the million-dollar funding, Rootopia plans to grow its early user base to reach product-market fit. It will also improve its technology platform to guarantee safety, security, and operational efficiency to serve more students to uplift their future through better education.
According to the press statement released earlier today, 70% of parents are mothers and female students. The support of Rootopia and the angel investors have helped many students achieve the best academic results.
Founded in July 2021 by Nguyen Xuan Truong and Tran Quang Khanh, RRootopia aims to empower education in Vietnam through financial sponsorship services.
Prior to founding Rootopia, Truong was the CEO of the local on-demand delivery platform Ahamove while Khanh co-founded and held the CTO’s role at GEEK Up.
While there are international schools in almost all districts in Ho Chi Minh City, education is not accessible to some. And just like most countries in the region, learning is often a privilege and not a right. Parents need to double their income sources to be able to send their children to a decent school.
“The overview of the education market in Vietnam also gives Rootopia a lot of room for growth,” reads their press statement. “Firstly, Vietnam is a country where families often show strong support for their children’s education, spending almost half of their income on education. And secondly, in terms of school status, universities tend to lean towards increasing autonomy and reducing dependence on the state budget, resulting in tuition fees that can increase up to 10% per year.”
Genesia Ventures has invested in more than 10 startups in Vietnam including Vietcetera. The Japan-based venture capital firm is also backing Homedy, Luxstay, Kamereo, Manabie, eDoctor, BuyMed, Fundiin, Selly, MVillage.
ThinkZone Ventures is the largest local-resourced VC firm in Vietnam, focusing on Pre-seed to Series A tech startups from diverse verticals, with investment sizes up to $3 million. They have invested in EMDDI, eJoy, GIMO, Edupia, and Fundiin.
BK Fund is a venture capital with a mission of investing, incubating, and commercializing technology in universities, investing and incubating staff, students, and alumni. Some startups BK Fund invested in include eJoy English and Gimo.