Vietnam’s mobile platform provider Appota has acquired Wifi Chua, a tool for sharing and connecting to free WiFi passwords, lifting its total users in mobile service ecosystem in the country to 50 million. The deal also marks the first exit by 500 Startups Vietnam.
In a statement, Appota said the seven-digit dollar acquisition of Wifi Chua will make its mobile service system more diversified. Meanwhile, it also facilitates the tool for sharing free WiFi passwords to access Appota’s strengths in digital content, advertising, and payment solutions.
After the merger, Appota plans to extend Wifi Chua to Southeast Asian countries, which share the same characteristics of Internet growth, and technical infrastructure as Vietnam.
“In Vietnam, access to public wifi systems is very popular. Along with this trend, there is tremendous potential for the development of add-on services that connect with wifi to serve the users,” said Do Tuan Anh, CEO of Appota. “After the merger, the WiFi Chua’s leaders and staff will work at Appota and we can confidently create more breakthrough gadgets in the future.”
Founded in 2011, Appota graduated from the Topica Founder Institute, and secured series A funding from Vietnamese e-commerce company VNP Group in 2012 followed by a series B round by Golden Gate Ventures and Japan’s GMO Global Payment Fund in 2014.
Last year, Korea Investment Partners (KIP) led an undisclosed series C funding round in Vietnam-based mobile content platform Appota. Following the round, Sang-Ho Park, director of investment at the Seoul-headquartered fund, will be joining Appota’s board of directors.
Mirae Asset Venture Investment, another Korean venture capital and buyout firm, also participated in the round. This is the first close of Appota’s series C fundraising.
The joint investment valued Appota at about $50 million, the company said, in an announcement on April 5. It is also KIP’s maiden financing for a Vietnamese company and Mirae’s first tech investment in Vietnam.