Private Equity firm Northstar Group invests $50 million in Topica

Posted on November 30, 2018

Patamar Capital is pleased to announce that its Vietnam-based portfolio company, Topica, closed a $50 million Series D round—the biggest financing for an online education company in Southeast Asia. The investment will support new product development across the region and increase the pace of enhancements in Topica’s technology and AI capabilities.

Patamar Capital Partner, Shuyin Tang, said “We would like to congratulate Topica on achieving this significant milestone. With passion and dedication, the Topica team has been tirelessly working to deliver affordable, high-quality education to millions across Southeast Asia, and we are all encouraged to see these efforts recognized by a prominent private equity firm in the region. We look forward to working with Northstar and continuing to support the management team to solidify Topica’s leadership position in Southeast Asia’s online education sector.”

“We have been blessed to work with great partners like Northstar and our existing investors, who are all enthusiastic about our vision of investing in the long term to help bring quality education to millions of learners in Southeast Asia and beyond,” said Dr. Tuan Pham, Chairman and CEO of Topica. “We are proud of the 1,700 Topica team members from various nations, who attack each problem with brilliant solutions, shoot tough questions at all-company meetings, spring right up after each failure, finish marathons and Ironman races for breakfast or on New Year’s Eve, while working relentlessly to improve our products and serve our students. We are grateful to the thousands of teachers from North America, Australia, Europe and Southeast Asia who have mastered technology tools and bridged time zone differences in order to provide the best learning experience for our eager learners. And we are thankful to our 1 million students for believing in us.”

Topica provides online English tutoring and education services, online bachelor’s degree programs, and short skill development courses. Topica has offered its services to 1 million working adults and is available in several other Southeast Asian markets including Indonesia, Thailand, and the Philippines.

Read more on Deal Street Asia.