RareJob, an online ESL (English as a second language) school, has signed a capital alliance agreement with Dream Viet Education (DVE), the operator of “Kynaforkids”, a Vietnamese online English tutoring service.
As per a press statement, DVE marks RareJob’s maiden investment into Vietnam’s edutech market. The partnership looks to leverage the existing assets of the two firms.
Under the investment, RareJob aims to utilise its network of approximately 6,000 available Filipino tutors on “RareJob Eikaiwa”, an online English conversation lesson service, to provide high-quality lessons to DVE’s students.
The Japanese firm stated that this collaboration aligns with its intention to expand globally. It has been strengthening business targeting corporations and educational entities and is expanding to global leader developments and career-related businesses through synergies.
Founded in 2013, Dream Viet Education provides online English tutoring platforms, including Kyna.vn and Kynaforkids.
During the COVID19 pandemic, DVE claims to have seen robust growth both domestically and internationally in its online English tuition service under the Kyna English 1-1 brand. The company also said it has secured a steadily growing number of users.
RareJob and DVE also intend to strengthen collaborations for DVE’s existing services for adults and kids through leveraging RareJob’s PROGOS, an AI business English-speaking test, and RareJob Eikaiwa materials.
Previously, RareJob made inroads into other markets through strategic investments in local edutech startups, such as Thai online English teaching company Globish Academia Company and Indian online English tuition company Multibhashi Solutions.
According to “Vietnam IT Landscape 2020” research, the amount of investment for the Vietnamese edutech industry market reached US$20.2 million. As of 2019, the total amount of foreign investment capital for edutech has reached US$55 million in Vietnam.
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Image Credit: Dream Viet Education
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