Edtech in Southeast Asia: 4 key players to watch

Education serves as a fundamental pillar for acquiring knowledge and optimizing opportunities for success in various life endeavors. Nonetheless, it is critical to acknowledge that access to educational resources often exhibits significant disparities, leading to an uneven distribution of learning opportunities among individuals. 

The arrival of technology represents a significant advancement with far-reaching implications by facilitating access to a diverse range of educational content.

Education technology (edtech) encompasses a specialized domain within a technology focused on the design, development, and implementation of tools, including software solutions, hardware innovations, and systemic processes, aimed at enhancing educational delivery. 

Based on Global Education Monitoring Report by UNESCO, the governments in Southeast Asia have invested heavily in digital resources, textbooks, libraries, and learning management systems to support these efforts.

Despite major industry developments and challenges in the post-pandemic era, countries including Indonesia, Singapore, and Vietnam continue to exhibit a rising trajectory in edtech investments. 

For example, in Indonesia, the edtech economic value in 2022 was US$906 million and it is expected to grow at a compound annual growth rate (CAGR) of 15% to US$1.8 billion by 2027, according to the East Ventures – Digital Competitiveness Index 2023. 

Meanwhile, Singapore’s edtech market size is also forecasted to reach US$2.2 billion by 2027; it is estimated to grow at a CAGR of 13.6% during 2020-2027. The government also plans to spend more than 30% of its fiscal budget to advance technological infrastructure. 

With a bigger market size total of Indonesia and Singapore, Vietnam’s edtech market was forecast to have a value of US$5.4 billion with promising CAGR growth at 9.3% until 2028.

As an early backer of prominent tech companies in the region since 2014, East Ventures has invested in edtech startups in Southeast Asia, including  Indonesia, Singapore, and Vietnam.

We believe that improving education outcomes is the backbone of long-term regional growth, and technology plays a role in making education delivery better. 

Here we present an overview of Southeast Asia’s key players in the edtech scene that have a significant impact on the regional landscape today:

Ruangguru

Ruangguru is one of the largest technology companies in Indonesia that focuses on education-based services. It has more than 22,000,000 users and manages 300,000 teachers offering services in more than 100 subject areas. 

It develops various technology-based learning services, including virtual class services, online exam platforms, subscription learning videos, private tutoring marketplaces, and other educational content that can be accessed via the Ruangguru web and application.

The company also contributes to employment by increasing the skills needed for a qualified and work-ready workforce. One way to do this is through the launch of the Skills Academy, an online course platform that provides a variety of work-readiness and self-development materials.

Founded in 2014 by Belva Devara and Iman Usman, we take great pride in being their first backer. Notably, the founders of Ruangguru were also honored in Forbes 30 under 30 Asia list 2017, underscoring their impact on the region’s edtech landscape.

Ruangguru’s recent splash with “Clash of Champions,” a reality competition show participated by students from various well-known universities, showcases the best young minds in the country, renewing learning motivation throughout the nation. To date, it has received over 40 million views on YouTube. 

As a leading innovator in the technological landscape, Ruangguru is steadfast in providing unparalleled access to high-quality education across Indonesia, Vietnam, and Thailand. 

Through their continued engagement and tailored solutions, the company strives to uphold its position as a cornerstone for educational advancement in the region.

Prep

Prep is a Vietnamese education platform for standardized language preparation tests such as IELTS, TOEFL, HSK, and others. It has a competitive edge which utilizes an AI model and personalized learning for each learner. For instance, the more advanced learner would get more difficult tailored program.

The company has just raised a US$7 million Series A round, following its previous US$1 million round, which was co-led by East Ventures and Cercano Management. 

Prep was founded by Tu Pham (Founder and Chief Executive Officer) and Tran Hoai Nam (Co-Founder and Chief Technology Officer) in 2020, with a mission of making quality test preparation accessible to everyone. 

The founders combined their experience in teaching languages and developing edtech products to create a learning platform that solved major issues in the field of education in Vietnam and the region with Thailand as the first overseas market

In a brief period, Prep has achieved significant user growth. Since its launch, Prep has attracted more than 100,000 users across Vietnam and regional markets. This remarkable expansion can be attributed to the company’s innovative application of proprietary artificial intelligence technologies. 

Notably, its AI-powered Virtual Speaking and Virtual Writing Rooms have set it apart in the competitive landscape. These technological advancements have enabled Prep to rapidly scale its operations while providing high-quality educational experiences at a significantly reduced cost to learners.

The AI capabilities enable the learner to have two-ways conversation to improve the speaking skill and the value proposition of it is the ability to learn and ask question depending on the context of each conversation.

These strategic innovations were instrumental in Prep securing prestigious accolades, including the 2023 EdTech Asia Award and the 2023 SEI Impact and Innovation. Moreover, language learning and test preparation are massive market segments that still growing in Vietnam.

Zenith

Zenith’s objective is to transform students’ traditional education experience into something more data-driven, personalized, and hybrid-based. It also helps teachers to teach more effectively and parents be more informed and involved in their child’s educational journey. 

The company enhances pedagogical (methods and activities of teaching) outcomes by innovating in-classroom instructional resources, enabling educators to deliver content more efficiently. 

Concurrently, it aggregates and analyzes student performance data to facilitate tailored educational experiences. At this stage, Zenith is executing well through this offline strategy in Singapore. 

In addition, they also have an online learning platform called Zendora, where primary school students can learn English, math, and science through various mediums, such as animated videos and live-stream lessons. 

As a premier entity in Singapore’s educational sector, Zenith specializes in the pre-university domain and offers unparalleled educational experiences. Central to Zenith’s ethos is the conviction that opportunity should be universally accessible, transcending socio-economic backgrounds.

Evan Heng founded the Singapore-based education company Zenith Education Studio in 2019 and then launched Zenith Academy, which now expanded to become Zenith Learning Group, a tuition center chain that aims to become the largest private enrichment company in Singapore.

More recently, in 2024, Evan Heng also been acknowledged by Forbes 30 under 30 Asia list, demonstrating the continued innovation and entrepreneurial success within Southeast Asia’s edtech community.

Geniebook

Geniebook offers a personalized e-learning platform that utilizes AI technology to enhance student learning. Launched in 2017, this edtech platform uses machine learning and human teachers to personalize each student’s education.

Currently, Geniebook leverages a trifecta of artificial intelligence, live streams and chatrooms for personalized learning and drive measurable improvements in students’ performance.

It provides comprehensive learning solutions, including GenieSmart, GenieClass, GenieAsk and learning rewards. Recently, Geniebook secured US$16.6 million Series A funding led by East Ventures and Lightspeed Venture Partners.

Geniebook founded by experienced educators Neo Zhizhong and Alicia Cheong and today the company has evolved from traditional tutoring to a tech-driven platform. With the goal to revolutionize education by leveraging AI technology to personalize student learning alongside human instructors. 

The evolution of education pivots around a technologically enhanced learning paradigm centered on the student. The company’s strategy intertwines deep in pedagogical acumen with state-of-the-art technology and a steadfast commitment to customer-centricity.

Overall, East Ventures believes that edtech in Southeast Asia continues to reshape the education landscape by offering innovative solutions to enhance learning experiences and expand access to quality education.

 If you are a startup founder building in the edtech sector, send your pitch here.