Singapore-based edtech startup Manabie has raised $23 million in a Series B round led by JIC Venture Growth Investments, the VC unit of sovereign wealth fund Japan Investment Corporation, according to an announcement.
Other investors who participated in the round include Mitsubishi UFJ Capital Co., Ltd., Hulic Co., Ltd., and the founders of several prominent educational institutions and companies both in Japan, including Zoshinkai Holdings Co..
This fresh funding brings Manabie’s total fundraising to around $41.2 million to date.
According to the company’s filings with the Accounting and Corporate Regulatory Authority (ACRA), JIC Venture Growth Investments also acquired shares from Vietnamese VC firm Do Ventures, which made a partial exit. Singapore-based investors SGHK Investment Pte. Ltd made a full exit, while SGJP Investment made a partial exit.
With the backing of a robust team of investors, which also features existing investors Globis Capital Partners, Genesia Ventures, and Chiba Dojo Fund, the company plans to use this new funding round to accelerate business expansion in Japan and Southeast Asia and product development using generative AI.
Manabie was founded in 2019 by Takuya Homma and former Lazada executive Christy Wong. In 2021, the Singapore-based education tech firm secured $3 million in investment from Do Ventures, Genesia Ventures, and Chiba Dojo.
Manabie, which provides an end-to-end digital infrastructure to educators, also turned a profit in 2021, according to its financial report seen by DealStreetAsia.
The company currently operates digital cram schools in Vietnam, featuring approximately 30 classrooms and serving around 13,000 students. It plans to accelerate its growth and expand into other countries, contributing to educational reform across Asia through technology developed in Japan.
Manabie has around 150 staff members in Singapore, Vietnam, Japan, and the Philippines.
