Vietnam Digest: DesignBold to close this month; VinaCapital, EDF back SkyX Energy

Photo by Evan Wise on Unsplash.

Vietnamese design startup DesignBold is closing down its services while VinaCapital Group has partnered with EDF Renewables to invest in SkyX Energy.

Design startup DesignBold to close down this month

Vietnamese design startup DesignBold, among the country’s promising startups, is discontinuing its services from October 25, according to its statement.

Designbold, dubbed as the “Photoshop” for amateur designers, was launched in October 2016 and immediately caught the headlines as the successor of 2014’s phenomenon – Flappy Bird.

“We failed to make DesignBold become a leading and popular design tool,” the company said. “As a startup, DesignBold faced a lot of problems, and as the world reeled, we witnessed waves of rapidly evolving technologies, design tools, and business markets that demanded us to pivot for innovative exploration and catch the waves head-on.”

DesignBold has not raised venture capital funding in the past five years. DesignBold was founded by Dinh Viet Hung, also the founder of venture capital firm VIC Partners. The investment firm is completing fundraising for its second vehicle (VIC II Fund) for which it is targeting to triple the corpus. It is also looking to double the ticket size per deal.

“In addition to scaling up capital, we also updated the investment thesis, creating opportunities for new technology trends like blockchain,” Hung Dinh said.

VinaCapital, EDF Renewables invest in SkyX Energy

Ho Chi Minh City-based investment firm VinaCapital Group has partnered with EDF Renewables to make a significant investment in SkyX Energy, the holding company of SkyX Solar, a rooftop solar power developer.

SkyX Solar is focused on the commercial and industrial (C&I) segments in Vietnam. It invests, designs, builds and operates these systems for commercial and industrial customers on a SAAS (solar-as-a-service) model.

The company plans to invest $100 million in the next 2-3 years to further develop 200MWp of
rooftop solar power systems in Vietnam.

Founded in 2003, VinaCapital is a leading investment management firm headquartered in Vietnam, with a diversified portfolio of over $3.7 billion in assets under management.

EDF Renewables is an international provider of renewable energies, with a gross installed capacity of 13.8 GW worldwide. Its development is mainly focused on wind and solar photovoltaic power.

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.