Queries sent to 500 Startups and Beeketing were unanswered at the time of filing of the story.
Meanwhile, it is probably the first investment made by 500 Startups in the Vietnamese startup scene, after the US fund roped in Eddie Thai and Binh Tran as the investment partners for this market.
Prior to this, Beeketing was incubated by the Topica Founder Institute in Hanoi and secured some initial money from Vietnamese and Japanese angel investors.
According to CrunchBase, the total funding into Beeketing has touched $225,000.
Founded in August 2014 by Truong Manh Quan, Beeketing was the first Vietnamese startup to win a trip to Israel two months ago, to learn in one of the world’s most vibrant startup ecosystems.
In an interview with the Khoa hoc & Phat trien – a government media house under the Ministry of Science and Technology – Quan acknowledged that the rapid expansion of his startup was due to the mentorship provided by the local accelerators like Topica Founder Institute and HATCH! COACH, along with hands-on experience provided by the investors.
Beeketing aims to be the leading marketing automation platform for e-commerce for smaller companies in the US, Quan told the publication.
He is in the US for a six-month period to learn from startip mentors at the Silicon Valley, which will facilitate Beeketing’s global growth strategy.
The startup has reportedly, registered a 50 per cent growth month on month over the past seven successive months, largely bolstered by more than 25,000 online stores in the US and Europe that use its service.
Speaking about the Vietnamese government’s initiative to help tech startups, specifically the Vietnam Silicon Valley (VSV) project, Quan suggested that the authorities should expand their investments to encompass incubators and accelerators like SeedForAction, HATCH! or Topica Founder Institute.
According to him, the current financing to startups from the VSV ($8,000 for one project) is insufficient to nurture local startups.