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.