CoderSchool, a Ho Chi Minh City, Vietnam-based online coding school startup, announced today $2.6 million in pre-Series A funding to scale up its online coding school platform.
This round was led by Monk’s Hill Ventures, with participation from returning seed investors Iterative, XA Network and iSeed Ventures. CoderSchool raised a seed round led by TRIVE Ventures in 2018.
CoderSchool will use the funding to accelerate its online teaching platform growth and technology infrastructure expansion for the company’s technical education programs that guarantee employment upon graduation.
The company, founded in 2015 by Charles Lee and Harley Trung, who previously worked as software engineers, pivoted from offline to online in early 2020 to bring high-quality technical training to everyone, everywhere. After switching to a fully online learning program, the company recorded 100% quarter-over-quarter (QoQ) growth in fully online enrollment, it said in a statement.
"Coding is the future. At CoderSchool, we believe everyone in Southeast Asia deserves a chance to be part of that future," the company co-founder and CEO Lee said.
In Vietnam, the demand for IT talent is dramatically increasing by 47% a year, while supply is only increasing by 8% year-on-year.
“The need for strong engineers and developers in Southeast Asia has never been as pertinent as it is today with the growth of tech companies and digital businesses,” said Michele Daoud, partner of Monk’s Hill Ventures. “We have been impressed by the team’s focus on setting the standard for coding education in the region. We are excited to partner with CoderSchool to provide both opportunity and access to the millions of aspiring students in Vietnam.”
Given the strong engineer demand in Vietnam, the domestic market size is estimated between $100 million - $200 million, and still increasing every year, according to Lee. CoderSchool has been focusing on Vietnam for the last six years, but plans to enter the global market following the next round, Lee said, without providing exact timetable.
CoderSchool, which offers full-stack web development, machine learning and data sciences courses at a lower cost, has trained more than 2,000 alumni up to date, and recorded over 80% job placement rate for full-time graduates, getting jobs at companies such as BOSCHE, Microsoft, Lazada, Shopee, FE Credit, FPT Software, Sendo, Tiki and Momo.
CorderSchool's online program enables students to interact with instructors and classmates before, during and after scheduled class sessions with its human-driven learning strategy. CoderSchool currently has 15 instructional staff, and plans to hire 35 additional instructors by Q4 2022.
CoderSchool's data analytics has improved individual student performance while also allowing CoderSchool to increase its classroom size at scale, reaching a peak of 107 enrollments in a data science class.