Vietnam has hosted several events to showcase new potential startups. Concluding 2016, the Vietnam Startup Festival on December 29 – themed ‘The Pioneer Dream’ – featured newly awarded startups, both bootstrapping and VC-backed companies, which are poised to attract a lot of attention.
By Nguyen Thi Bich Ngoc
Promising teams will get up to $200,000 in follow-on funding.
Vietnamese P2P lending startup Tima has closed a US dollar 7-figure series A funding from a Singapore fund to accelerate service growth in the local market, a senior executive of the company told this portal.
Truong Gia Binh, chairman of top-tier tech company FPT Corporation and the Vietnam Software and IT Services Association (VINASA), has said that the support from established companies for startup is one major gap he is trying to bridge.
Vietnam’s ranking as target country for M&A has jumped 9 spots from 2014 to become the 15th most attractive market in 2016, revealed the Institute for Mergers, Acquisitions and Alliances.
With a total of 23 investments, Topica reported that there were six undisclosed investments in the year so far. These include two series A investment rounds into mapping and geo-tagging service iMap and Up Co-working space.
FPT Capital, the fund management unit of Vietnam’s tech major FPT Corporation, and Internet group NOVAON, which has its own $5 million startup fund, have reached an agreement to enable the country’s startups to scale regionally.
The fund does not make disclosure for the terms of its investments. However, a source familiar to the fund revealed that 500 Startups probably invested around $30,000-50,000 in a Vietnamese startups. There were exceptions in which the US investor paid higher, up to $100,000 a deal.
Vietnam-based flash sales platform TOPMOT has secured a total of $1 million funding from a consortium of individual investors and launched its services to the public, beating the presumption that there’s no more room to do e-commerce in Vietnam.
As long as you have regional or global scale potential, I believe that you can always build a sustainable software business – Jamie Camidge, head of strategic partnerships and alliances for Telstra-backed accelerator Muru-D.