EQuest Education Group Funding, Investors & Competitors

EQuest Education Group has raised $120M across 2 funding rounds, most recently a $120M undisclosed-stage round in May 2023.

Last EQuest Education Group funding round

$120M

Undisclosed stage · May 2023

Cumulative funding EQuest Education Group raised

$120M

across 2 funding rounds

Key investors in EQuest Education Group

EQuest Education Group Overview

About EQuest Education Group

EQuest Education Group is a vocational training provider in Vietnam specializing in English language, IT, and business skills programs. Headquartered in Ho Chi Minh City with 15 campuses nationwide, it enrolls 30,000 students yearly in Cambridge-certified courses. Founded in 2002, EQuest partners with Pearson and Microsoft for certifications, achieving 95% employment placement in call centers and tech firms like FPT Software.


Founded

2003

HQ

VietnamHo Chi Minh City

Website

equest.vn

Status

Privately held

Customer focus

B2C

Revenue model

Services

EQuest Education Group Funding History

EQuest Education Group has raised a total of $120M across 2 funding rounds.

EQuest Education Group's first fundraising round was a strategic investment round in May 2021. The most recent completed round was a $120M undisclosed-stage round in May 2023.

EQuest Education Group funding rounds

EQuest Education Group funding rounds
DateStageInvestorsRaisedDeal Summary
May 2023Undisclosed stageKKR (lead)$120MEQuest Education Group, a leading private educational services provider in Vietnam, raised $120 million on May 19, 2023, through a combination of debt from creditors and equity from existing investor KKR's Global Impact Fund. This followed KKR's initial $100 million equity investment announced on May 31, 2021. The proceeds are designated for investing in the Canadian International School (CIS) System in Ho Chi Minh City and expanding Broward College Vietnam campuses in Hanoi, Hue, and Ho Chi Minh City to offer four-year U.S. bachelor's degree programs at $7,000 per year. EQuest operates a diversified portfolio across Vietnam's education sector, including K-12 bilingual schools serving over 9,000 students across eight campuses, tertiary and vocational institutions, English enrichment courses, and digital learning solutions. As a group, it enrolls more than 110,000 students annually across 18 member units, positioning it as one of Vietnam's largest private education providers. The company focuses on affordable, high-quality education for the emerging middle class, aligning with UN SDG 4 (Quality Education). The 2023 funding reinforces EQuest's financial position and expansion plans, including opening new Broward Vietnam campuses for fully accredited U.S. degrees without overseas travel costs. EQuest also appointed Đàm Bích Thuỷ, Founding President of Fulbright University Vietnam, as an independent board member effective May 15, 2023. Earlier, in December 2022, KKR-backed EQuest acquired a controlling stake in Khoi Nguyen Education Group (KNE), which operates the CIS and bilingual schools.
May 2021Strategic investmentKKR-KKR and EQuest Education Group announced on May 31, 2021 that KKR had invested in the Vietnamese education provider through its Global Impact Fund. The investment was intended to support EQuest’s expansion and broaden access to education for students in Vietnam. At announcement, the group enrolled more than 110,000 students annually across bilingual schools, tertiary and vocational institutions, English enrichment programs and digital learning businesses. Its kindergarten through secondary school portfolio included eight campuses serving more than 9,000 students. KKR described the transaction as its Global Impact Fund’s fourth investment in education and workforce development globally. Annabelle Vultee, previously chief operating officer of EF Education First in China, joined EQuest’s board in connection with the announcement. The parties emphasized affordability, English language capabilities and the needs of Vietnam’s emerging middle class. The primary announcement did not disclose the amount invested, a valuation or an ownership percentage. This initial investment preceded the separately recorded financing announced in May 2023.

Who has invested in EQuest Education Group?

1 investor has backed EQuest Education Group across its funding rounds, including KKR.

Lead investors include KKR.


EQuest Education Group Investors

Investors in EQuest Education Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by EQuest Education Group

EQuest Education Group has acquired 3 companies to date.

Last acquisition by EQuest Education Group was on December 5th 2022. EQuest Education Group acquired Khoi Nguyen Education for undisclosed valuation.


Latest Acquisitions by EQuest Education Group

Khoi Nguyen Education
Happy School (Vung Tau)
Hanoi Star Education System
Description
Khoi Nguyen Education is a Vietnamese education provider offering programs from kindergarten through high school, plus international curricula like Cambridge and IB. It operates multiple campuses in Ho Chi Minh City and Hanoi, enrolling thousands of students annually. Established in 2005, the network integrates bilingual instruction and extracurriculars focused on STEM and arts.
Happy School is a Vietnamese primary and secondary education institution in Vung Tau. The school provides education from primary through upper-secondary levels, combining the Vietnamese national curriculum with English-language learning and wider personal development activities. Its teaching approach emphasizes student wellbeing, practical experiences, sport, arts and social or emotional learning. EQuest acquired the school in 2022 and incorporated it into its network of private education institutions. In January 2025, the business adopted the Einstein School Vung Tau name and joined the Canadian International School System within the same wider education group. It continues to serve local families from its Vung Tau campus rather than operating as a separate nationwide language-school chain.
Hanoi Star Education System is a private school organization in Hanoi, Vietnam. Established in 2010, it provides primary and secondary education and has developed a high-school offering through its additional campus. Its programs combine academic teaching, English-language learning and extracurricular activities for local students and families. The school has participated in domestic and international academic competitions and was recognized as a high-quality school model by Hanoi authorities in 2020. EQuest identified an investment in the system in its 2022 corporate timeline and announced completion of the investment in June 2023. The transaction later became subject to disputes over ownership implementation and management, which do not alter the institution's identity as the acquired school system.
HQ CountryVietnamVietnamVietnam
HQ City
Ho Chi Minh City
Vung Tau
Hanoi
Deal Date5 Dec 20221 May 20221 Jan 2022
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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EQuest Education Group Competitors

EQuest Education Group competitors include listed companies like Pearson, New Oriental Education, Duolingo and TAL Education, and private ones like Yuanfudao and Guild.

Public and private companies comparable to EQuest Education Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
YuanfudaoChinaBeijingPrivate$1.4B-$17B11.7x
PearsonUnited KingdomUnited KingdomPublicly listed$4.8B$1.4B$10B2.5x
New Oriental EducationChinaChinaPublicly listed$5.7B$832M$8.4B0.7x
DuolingoUnited StatesUnited StatesPublicly listed$1B$152M$7.6B5.3x
TAL EducationChinaChinaPublicly listed$3B$700M$5.6B1.0x
GuildUnited StatesDenver, COPrivate$100M-$4.4B-

EQuest Education Group Public Comps

EQuest Education Group is still privately-owned, but its public comps include Pearson, New Oriental Education, Duolingo, TAL Education, Graham Holdings, Laureate Education, East Buy, Covista, Fibra Educa and Stride.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Pearson$4.8B$1.4B2.6x2.5x8.7x11.1x
New Oriental Education$5.7B$832M0.8x0.7x5.4x4.9x
Duolingo$1B$152M6.1x5.3x41.4x19.6x
TAL Education$3B$700M1.1x1.0x4.7x5.0x
Graham Holdings$4.9B$682M1.1x1.0x7.6x-
Laureate Education$1.7B$515M3.0x2.7x10.0x8.8x
East Buy$856M$99M3.9x3.4x33.7x27.7x
Covista$2B$462M2.1x2.1x9.1x7.8x

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Common questions about EQuest Education Group

When was EQuest Education Group founded?EQuest Education Group was founded in 2003.
Where is EQuest Education Group headquartered?EQuest Education Group is headquartered in Ho Chi Minh City, Vietnam.
Is EQuest Education Group publicly listed?No, EQuest Education Group is a private, VC-backed company.
How much funding has EQuest Education Group raised?EQuest Education Group has raised $120M across 2 funding rounds.
What was EQuest Education Group's last funding round?EQuest Education Group's last funding round was a $120M undisclosed-stage round in May 2023, led by KKR.
Who are EQuest Education Group's investors?EQuest Education Group's investors include KKR.
Which companies are comparable to EQuest Education Group?Companies comparable to EQuest Education Group include Yuanfudao, Pearson, New Oriental Education, Duolingo, TAL Education and Guild.
How many companies has EQuest Education Group acquired?EQuest Education Group has acquired 3 companies, including Khoi Nguyen Education, Happy School (Vung Tau) and Hanoi Star Education System.

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