Vietnam’s ThinkZone has led a pre-Series A funding round in local ride-hailing management platform EMDDI while Singapore-based social commerce startup Evo has raised seed funding.
Vietnam’s ThinkZone leads pre-Series A in EMDDI
Vietnam-based startup accelerator ThinkZone has led a pre-Series A funding round in local ride-hailing management platform EMDDI, according to an announcement on Tuesday. Financial terms of the funding round were not disclosed.
Developed from a technology project of Hanoi National University, EMDDI is the first online ride-hailing management platform in Vietnam to host multiple cab aggregators.
The company claims that it has more than 30,000 operating taxis in more than 40 provinces and cities. As a strategic partner of the Vietnam Taxi Alliance, EMDDI has been coordinating with nearly 100 taxi companies to manage about 3 million rides through the platform each month, the EMDDI announcement said.
Lead investor ThinkZone is working with EMDDI to plan the latter’s next round of fundraising, which is estimated to be $2 million. Both have approached large investment funds, as well as prepared resources to thrive in Vietnam and other countries.
ThinkZone, established in early 2019, has three divisions: Innovation Lab, ThinkZone Accelerator, and ThinkZone Venture. It recently signed a cross-border partnership with Cambodia-based governmental organisation CJCC to support the startup ecosystem in the two countries.
Singapore’s Evo raises seed funding
Singapore-based social commerce startup Evo has raised a seed funding round from Bonjour Holdings, SparkLabs Taipei, Farquhar Venture Capital, and strategic investors from Visa & Maybank, the company announced on its website on Tuesday. The proceeds will be used to double down on product development and engineering, Evo added.
Social commerce startups uses social networking sites as vehicles to promote and sell products and services.
Founded in April 2020 by former employees of Southeast Asian ride-hailing giant Grab — Roy Ang (CEO), Minghao Teoh (COO), and Amos Goh (Product Lead) — Evo aims to build innovative, robust, and scalable products that will empower millions of merchants in Asia to grow and scale.
The startup has launched a beta version of its social commerce solution that will help influencers and live-streamers to optimise their back-office operations, allowing them to sell more products and scale more quickly.