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Vinco, founded by three women, is redefining the way education is delivered in Mexico.
Vinco’s Mission?
Vinco is transforming education by offering greater access to enhanced educational opportunities through a B2B marketplace that prioritizes flexibility and personalized learning. By focusing on student engagement, providing customized learning materials, and enabling flexible scheduling, Vinco has emerged as a leader in Mexico's educational technology market for both formal and continuing education.
How Vinco Works?
Vinco works by partnering with large corporations and academic institutions in Mexico, with plans to expand further. Their platform simplifies the process for companies to sponsor employee education.
Employees get to choose from a variety of accredited programs, ranging from high school diplomas to college degrees. Vinco automates everything from enrollment and payment processing to progress reports, making it easier for companies to track employee progress and manage their budget.
Additionally, Vinco automates eligibility criteria like minimum time with the company for program selection, ensuring a smooth experience.
Affordability and flexibility are key - companies can sponsor employee education, particularly for employees who might not otherwise be able to afford to continue to pursue secondary education.
The key with Vinco is flexibility – over 95% of our courses are online, perfect for working adults. Now, the issue companies face is the administrative nightmare of employee education. No time for tech investment! Take Oxxo: one manager oversees hundreds of stores with dozens of employees. Paperwork, enrollment, payments – a logistical mess that limits education opportunities. Vinco solves that. We automate everything, subsidize the burden, make it smooth. It's a 'wow' moment – when companies see accessible education become effortless.”- Lissy Giacoman, Co Founder of Vinco
Vinco: Bridging the Educational Gap in Mexico
Vinco emerged in Mexico during the Covid-19 pandemic with a mission to address two critical issues in the country's educational landscape.
- The limited access to quality education for a significant portion of the Mexican population. With only 25% of Mexicans over 15 years old completing high school, Vinco aims to bridge this gap by providing opportunities for upskilling and career advancement.
- Vinco targets the challenge of employee retention faced by many large corporations in Mexico. Vinco offers the ability for employers (corporations) to leverage a platform that connects employees with educational resources supported by their company.
Here is Vinco's approach to tackling these issues:
- Making Education Easy for Companies: “Making things easy for HR departments is a core part of our product”, Lissy Giacoman, co-founder of Vinco, explained to VC Mexico, “Our goal is to simplify how companies support their frontline workers' education. Initially, we focused on having academic programs readily available in the student portal, allowing for easy application and enrollment. We handle everything from the start, streamlining the entire process.”
“However, we soon realized payment facilitation was a major pain point for companies”, Lissy told VC Mexico, “Managing numerous students across different institutions meant juggling various payment schedules. That's why we developed a comprehensive system that provides clear visibility into enrollment, student progress, current and future payments – all within the platform. - Lissy Giacoman
This allows companies to effectively track their budget. We've also implemented automated features for eligibility criteria, such as minimum work tenure or performance requirements. This makes the selection process much smoother for companies. We see strengthening this HR portal as a key product development area. It's where companies can track payments, student activity, and everything else related to their sponsored education programs.”
- Combating High School Dropout Rates: Recognizing the low high school graduation rate, Vinco offers a program specifically designed to help working adults complete their secondary education. Vinco’s programs are designed to be flexible and cater to busy schedules.
We help companies use education as a strategic investment - whether to meet SDG objectives, develop skills, increase job retention or support the growth of their key talent - Vinco Team
Founders
Vinco’s Value Add
There were initial misunderstandings about Vinco's offerings. Some companies thought they provided courses similar to Coursera or LinkedIn Learning, which focus on professional development. Vinco clarifies their mission is to provide foundational education – high school diplomas and college degrees – which are crucial for career advancement, not just specific job skills.
Another misconception was that companies wouldn't be interested in employee education. However, companies recognize the need for upskilling due to factors like technological advancements that require a more skilled workforce, and increased competition for talent, particularly with nearshoring creating a pressure to retain employees.
Traction
Currently, Vinco's platform facilitates over 40k employees with their studies coming from 60+ of the largest corporations like OXXO, Walmart and Vivaaerobus in Mexico.
Funding
Vinco has raised a total funding amount of $2.6m.
2021, $2.4M (Seed) including, Y Combinator, Angel Ventures, Reach Capital, Alter Global
Market Opportunity
The Online Education market in Mexico is projected to grow by 14.84% (2024-2029), resulting in a market volume of just under US$1.6B in 2029. Further, the online e-learning platform market in Mexico is projected to reach market volume of $670m by end of 2024. This rapid growth highlights the strong appetite for digital learning solutions in Mexico (Statista).
Vinco's value proposition is particularly beneficial for businesses, especially those facing high employee turnover rates and low levels of job satisfaction. This approach offers a mutually beneficial business model enabling a true Win-Win.
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