Hoayeuthuong.com, a flower delivery startup in Vietnam, has received $1 million in equity funding and loan from overseas flowers and ornamentals group Greenwings. Meanwhile, US-based Vemanti Group is acquiring Two Group.
Hoayeuthuong receives $1 million in equity funding and loan from Greenwings
Dutch flower exporting firm Greenwings has invested VND12 billion ($500,000) in Vietnamese flower delivery startup Hoayeuthuong as a strategic partner.
The partnership comes with another VND12 billion loan and the commitment from the investor to pump more funding in the future.
The proceeds from this investment will help Hoayeuthuong expand its network of flower marketplaces across Vietnam and Cambodia by next year. In addition, the company also plans to develop training centres for plantation and IT research for boosting sales within the industry.
Hoayeuthuong, founded in 2010, said it had gone through bankruptcies several times until 2015 when the company started all over again. The startup graduated from Topica Founder Institute’s fourth acceleration cohort in 2015.
Greenwings is a unit of the Dutch Flower Group, according to Hoayeuthuong. It is learnt to have a presence in nine international markets, including Vietnam where it operates Dalat Hasfarm, the exclusive production site for Calimero in all of Asia.
Vemanti Group acquires 100% of Vietnam-based Two Group
US-based holding corporation Vemanti Group is acquiring 100 per cent of assets from Vietnamese technology company Two Group JSC, after an earlier announcement that it would take a majority stake.
The deal will be Vemanti’s first strategic investment into Vietnam.
“We believe this acquisition will represent a major milestone in our plans to become a significant participant in Vietnam’s rapidly growing digital economy,” said Tan Tran, the American-Vietnamese chairman and CEO of Vemanti.
The parties expect to sign a definitive share exchange agreement in the first quarter of 2018, and close the transaction shortly after.
Two Group, which is active in e-commerce, location navigation, content streaming and social media, is set to launch the new retail concept of brick-to-click marketing, as well as cryptocurrency.
“Vietnam’s increasing internet connectivity means larger local market opportunity for digital businesses. And with Vietnam preparing to legalize bitcoin and other cryptocurrencies under a new plan approved by the prime minister, we see many positives ahead for our long-term strategy,” said Tran.
Vemanti looks to invest primarily in early-stage IT companies operating directly or indirectly in Vietnam. It sees Vietnam, with more than 6 per cent annual growth rate, rapidly transforming into an export powerhouse with a thriving domestic consumer market.
“As a place to invest, the country continues to offer extraordinary potential,” Vemanti said in a statement.