Asia Digest: Nest Tech VN backs Joosk Studio; SK’s Kakao Mobility launches ride-hailing service in Vietnam

Vietnam-based VC firm Nest Tech VN has led a six-figure equity investment in Myanmar’s leading animation company Joosk Studio. In a separate development, Kakao Mobility, the transportation unit of South Korea’s Kakao Corp, has launched ride-hailing services in Vietnam.

Nest Tech VN invests in Joosk Studio

Vietnam-based VC firm Nest Tech VN has led a six-figure equity investment in Myanmar’s leading animation company Joosk Studio, according to an announcement.

EME, which invested in Joosk last year, also joined the round.

Joosk Studio is a creative digital animation agency founded and run by artists Thet Paing Kha and Zeyar Htet. It has worked with companies including Facebook, CB Bank and Telenor as well as NGOs, UN agencies and the World Bank Group.

Nest Tech VN’s managing partner Soe Moe Kyaw Oo has invested in a bouquet of Myanmar startups and the current funding in Joosk marks his fifth investment in the country.

Last November, Nest Tech Yangon Capital Partners invested a six-digit US dollar investment in Myanmar-based on-demand trucking platform Kone Si.

SK’s Kakao Mobility launches ride-hailing service in Vietnam

Kakao Mobility, the transportation unit of South Korea’s Kakao Corp, has launched ride-hailing services in Vietnam, Business Korea reported.

The company has launched an airport pick-up reservation service in Da Nang and Hoi An. Tourists can book a pick-up service from Da Nang International Airport to Hoi An and use Kakao Pay Payment System to pay for the services.

South Korea’s Kakao, the country’s top mobile messenger company, launched Kakao Mobility in 2017 with the aim of diversifying its business. The firm subsequently raised approximately $437 million from US investment firm TPG.

Last year, Kakao Mobility and Southeast Asia’s leading ride-hailing app Grab mulled a partnership in Vietnam via Splyt Technologies, a London-based startup Grab invested in June. The cooperation, that’s yet to be forged, is primarily to serve South Koreans visiting Vietnam.

Recently, Vietnam has finally rolled out a new set of regulations for taxi and ride-hailing services to create a level field for players.

The new law, Decree 10/2020/ND-CP that replaces the 2014 document, requires technology ride-sharing companies like Grab to put the label of “contracted car” on its driver-partner vehicles.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.