Vietnam Digest: BuyMed raises $500k; RedDoorz launches new tech hub

BuyMed has raised $500,000 seed financing round led by two venture capital funds Singapore-based Cocoon Capital and Vietnam’s VietCapital Ventures while Singapore’s RedDoorz launches a new regional technology hub in the country.

BuyMed raises $500k led by Cocoon Capital, VietCapital Ventures

BuyMed, the Vietnamese startup behind pharma distribution marketplace Thuocsi.vn, has raised $500,000 in a seed financing round led by Singapore-based Cocoon Capital and Vietnam’s VietCapital Ventures.

BuyMed was founded in 2018 to simplify healthcare distribution in Vietnam and the rest of Southeast Asia. Thuocsi.vn is a B2B marketplace that connects healthcare practices with a number of verified, licensed distributors, providing automatic matching of orders and end-to-end logistics.

The B2B platform claims that it has connected over 2,000 healthcare providers with a target to double this number within the next six months.

Thuocsi.vn aims to add other healthcare verticals including cosmetics, medical devices, supplements, and medical services.

Vietnam’s healthcare sector has seen several deals in recent months. KK Fund in August invested an undisclosed amount in Vietnam-based healthcare startup Med247, with participation from Dr Jin Hian Goh, a former senior executive of Singapore’s Parkway Healthcare Group.

In April, JIO Health, a healthtech startup based in Vietnam, clinched $5 million in a Series A funding led by Singapore venture firm Monk’s Hill Ventures.

RedDoorz launches new regional technology hub

Singapore-based budget hotel booking platform RedDoorz has launched a new regional technology hub and has drawn up significant expansion plans in Vietnam, according to an announcement.

The tech hub, located in Ho Chi Minh City, will complement its primary technology team based out of India.

RedDoorz also signed a memorandum of understanding with the Government-affiliated Vietnam Travel Club. The MoU will work to support inbound and outbound, domestic and international tourism in Vietnam.

In one year of its operations in Vietnam, RedDoorz claims that it has created over 800 jobs. It now operates over 125 hotels across five cities. It plans to cover over 200 hotels in its network across six major cities by the end of the year.