Monk’s Hill-backed Edutech Startup ELSA Raises $15M In Series B

AI-based English learning app ELSA has raised $15 million in its Series B round co-lead by VI (Vietnam
Investments) Group and international investor SIG.

 Previous investors Gradient Ventures, Google’s AI-focused venture fund, SOSV, and Monk’s Hill Ventures also
participated in this round. New investors are Endeavor Catalyst and Globant Ventures, which will facilitate ELSA’s
expansion efforts in Latin America.

 ELSA, which stands for English Language Speech Assistant, last secured $7 million in its Series A round led Google’s
AI-focused venture fund Gradient Ventures in 2019.

 The company will use the fresh fund to build B2B solutions and scaling companies across the world.

 “This investment is a further validation of our team and mission to help people, such as employees and students,
improve their English speaking skills and unleash their full potential in today’s global and remote work
marketplace,” said ELSA co-founder and CEO Vu Van.

 The edtech startup claims to have over 13 million users worldwide so far.

 “We are delighted to join VIG and SIG to further support ELSA’s mission of enabling education and economic
opportunities for the 1.5 billion English learners worldwide, said Monk’s Hill Ventures partner Justin Nguyen.

 “VI Group has invested in K-12, Early Childhood, Enrichment and Vocational education in Vietnam. We look forward
to working with the ELSA management team to broadly distribute its app in Vietnam and international markets,”
said VI managing partner Group David Do.

 In 2018, ELSA secured its pre-Series A round of $3.2 million led by Monk’s Hill Ventures for talent acquisition and
technology development.

 Founded in 2006, VI Group is a private equity firm that focuses on high growth businesses in Vietnam.

 DealStreetAsia recently reported that VI Group, which has $550 million worth assets under management and about
portfolio 30 companies, is ready to cut smaller cheques ranging from $3 million to $15 million in potential tech
investments.

 For its tech investment strategy, VI Group is looking at investing $3-5 million at Series A and $10-15 million at Series
B stage as it chases tech-driven themes.

 Founded in 2015 by Stanford alum Vu Van, and Dr. Xavier Anguera, a veteran in speech recognition and AI, ELSA is
a mobile app for language learners that helps them improve pronunciation and reduce accents, utilizing in-house
speech recognition, automated feedback and deep learning technology.

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