Vietnam sees two dozen startup deals from seed to Series C in 2016

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Vietnam has seen two dozen startups getting funded from seed to Series C stages in the first seven months this year, according to a report by Hanoi-based edtech group and accelerator Topica.

With a total of 24 investments, Topica reported that these also included six undisclosed investments in the year so far. These include two series A investment rounds into mapping and geo-tagging service iMap and Up Co-working space.

The list also mentions a more than $9 million series B funding for on-demand tutoring service GotIt!which is US-based but co-founded by an overseas Vietnamese.

It also includes a series C investment by Vietnam’s first unicorn VNG Corporation in e-commerce platform Tiki (reported at around $17 million in exchange for a 38 per cent equity).

The previously undisclosed investments that have made it to Topica’s list include seed rounds into 3D online showroom for housing interior EZ4Home, crowdfunding platform FundyIoT system for agriculture MimosaTEK by Captii VenturesSaaS platform for human resource management Wisami by Japanese angel investor Hajime Hotta.

Among the 24 startups that secured funding, 10 are early stage companies incubated by Topica’s Founder Institute franchise.

“The success of incubated startups in Vietnam throughout the past five years is a great motivation for us to continue searching for talent. So Topica Founder Institute has kicked off the first batch in Thailand, which has started to train 36 founders,” said Tran Manh Cong, co-founder of the accelerator.

Topica’s top 15 incubatees have raised a total of $15 million in funding with a combined valuation estimated at $80 million, according to the accelerator’s latest disclosure. The most significant investments were for Internet form Appota, software outsourcing service S3, edtech platform Kyna, automation marketing startup Beeketing, flower delivery service Hoayeuthuong, freelance marketplace Vlance and iMap, it added.

Vietnamese startups attracted 67 angel and venture capital investments in 2015, a jump of 130 per cent compared to 2014, according to an earlier report by Topica. Vietnam recorded only 10 transactions in 2011.

Major later stage funding, reportedly from $14 million to $20 million, were made last year, with participation from a diversified group of investors including impact funds, corporates to private equity.

Then this year saw an exit for payment business Payoo’s investors as the company was sold to NTT Data. Topica predicts an improvement in the exit environment which would in turn also make the startup ecosystem more attractive for potential investors.

Also read:

Vietnamese startups close over 60 deals in 2015

Vietnam: Two startups under accelerator Topica Founder Institute seal seed funding

Vietnam’s startup ecosystem attracting fresh VC interest