Three startups incubated by the Vietnam Innovative Startups Accelerator (VIISA) have received seed funding from venture capital firms.
This portal has already reported two financing rounds by the other startups, Wisepass, which raised $400,000 led by Expara Ventures and joined by VIISA itself, and media player Saigoneer, in which 500 Startups made an investment.
Wisepass and Wefit are portfolio companies from the accelerator’s first cohort, while Saigoneer participated in the second batch, which graduated at the investment day on October 25.
VIISA, backed by FPT Ventures, Dragon Capital and South Korea’s Hanwha Investment, invests $30,000 ($15,000 cash and $15,000 in-kind) into each company. The accelerator also provides follow-on funding of up to of $200,000 to promising teams.
Its second batch attracted 11 startups which come from 11 different nationalities including founders from South Korea, Ukraine and Indonesia.
”I am delighted about the diversity of Batch 2 startups. The foreign teams were able to expand their business in Vietnam while helping Vietnamese companies with global insights. This is a step forward for the ecosystem,” Sangyeop Kang, investment officer at Hanwha Investment, said.
VIISA’s third cohort will start in January 2018.
The accelerator was launched in 2016 as Vietnam’s tech major FPT and top asset management company Dragon Capital joined hands to facilitate the country’s effort in a startup ecosystem building project until 2020. Hanwha Investment later on came as partner. Each party invests $2 million in the accelerator.