Three startups under Vietnam accelerator VIISA bag VC money

Three startups incubated by the Vietnam Innovative Startups Accelerator (VIISA) have received seed funding from venture capital firms.

VIISA said on Thursday that Wefit, a startup that replicates KFit model in Vietnam, raised $150,000 from investors including homegrown VC firm ESP Capital, which operates a $20 million fund.

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.

Also read:

Vietnam: Accelerator VIISA launches second cohort, pushes to build global teams

Vietnam: ESP Capital with $20m fund is latest homegrown VC

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.