Japan's Kawaijuku Buys Into Do Ventures Fund II to Push Into Vietnam Edtech

KJ Holdings, the holding company of Japanese education group Kawaijuku, has invested in Do Ventures Fund II, a vehicle run by a Ho Chi Minh City venture-capital firm, as it works to build education businesses in Vietnam.

The Tokyo-based company disclosed the commitment in a statement on Monday. It made the investment in September. Kawaijuku did not provide financial details of the deal, leaving the size of its commitment to the fund undisclosed.

The rationale is strategic rather than purely financial. Kawaijuku said the investment gives it access to Vietnam's education and startup markets and lets it build ties with companies working in education and talent development. The company plans to convert those relationships into future business partnerships and direct investments. It also intends to use them to develop new education services in Vietnam.

For Kawaijuku, the move marks a deliberate step outside Japan. The firm is one of Japan's larger private education providers, and it is looking abroad for growth as it applies its teaching expertise to new markets. Vietnam stands out in that calculation. The company pointed to the country's strong economic growth and expanding middle class, which it says is driving rising demand for education.

Do Ventures gives Kawaijuku a local lens on that demand. The firm, founded in 2020 and based in Ho Chi Minh City, invests in early-stage startups across Vietnam and Southeast Asia, writing checks from seed to Series A. Its coverage spans consumer and manufacturing technology, artificial intelligence, education, healthcare, financial services and climate technology.

The fund manager's founders are Nguyen Manh Dung and Le Hoang Uyen Vy. Its first fund, launched in 2020, targeted $50 million and drew backing from NAVER, Sea and Vertex Holdings — a backer list that spans South Korea, Southeast Asia and Singapore, and one that Kawaijuku now joins from Japan.

The structure of the deal matters as much as the money. By becoming a limited partner in Fund II rather than making a single acquisition or direct investment, Kawaijuku positions itself to see deal flow across Vietnam's startup ecosystem before committing capital to individual companies. The firm stated it intends to use the relationships formed through the fund for future business partnerships and direct investments, and to develop new education services in the country.

That approach fits a broader pattern among established education providers in mature markets: rather than exporting a full curriculum model outright, they are buying visibility into local startup networks first. For Kawaijuku, the bet is that Vietnam's rising middle class and growing economy will reward early positioning in education and talent development — sectors Do Ventures already tracks through its portfolio focus.

Kawaijuku has not said which sectors within education it will pursue first in Vietnam, nor when it expects to make its first direct investments there. The September commitment, disclosed this week, signals that the groundwork has already started.