As soon as COVID-19 subsided in Vietnam, startups began to again receive capital.
Startup funding was discussed at a workshop organized by Startup Vietnam Foundation (SVF) and its partners in mid-June, which gathered hundreds of startups, experts and investment funds from Taiwan, Hong Kong, Japan, Indonesia, the Philippines and Vietnam.
Though Vietnam’s entrepreneurial movement experienced tough days after the collapse of billion-dollar startups, startups have continued to receive capital from investors.
Viet Valley Ventures poured capital into JobHop and JobsGO, which provide an online recruitment platform, and WindSoft Vietnam, which provides software solution and applications for business administration. They also gave capital to Ecomeasy, which provides marketing and sale solutions on e-commerce channels.
Meanwhile, TopCV received capital from Next100.tech, and Chatbot Vietnam from NextTech Group and Next100.
Affirma Capital invested $34 million in Transcendental Human Resources JSC (Sieu Viet). Sapo, a platform that supports omni-channel management and sales, has completed the call of $1 million worth of capital from Smilegate Investment (South Kroea) and Teko Ventures (Vietnam). JupViec was added to the investment portfolio of Simple Tech Investment (STI), which has invested in 24h.com.vn, AnyCar and 30Shine.
|A series of other deals have also been reported. BuyMed, which runs thuocsi.vn, a drugstore chain, successfully called for $2.5 million in a pre-Series A round. eDoctor received $1.2 million from the funds CyberAgent Capital, Genesia Ventures, Bon Angels and Nextrans.|
A series of other deals have also been reported. BuyMed, which runs thuocsi.vn, a drugstore chain, successfully called for $2.5 million in a pre-Series A round. eDoctor received $1.2 million from the funds CyberAgent Capital, Genesia Ventures, Bon Angels and Nextrans.
Doctor Anywhere received $27 million of capital, while Waves has become better known after receiving $1.2 million from Insignia Ventures Partners, Hustle Fund and Skystar Capital, and Asian and Silicon Valley investors in the seed round.
Pharmacity successfully called for $32 million in Series C. Finhay, a fintech, got capital from Jeffrey Cruttenden, co-founder of Acrorns and Thien Viet Securities (the amount of capital is secret), just one year after it received $1 million from Insignia Venture Partners. The fund hopes Finhay will become an Amazon-like company in Vietnam.
Mandy Nguyen from SVF said that capital will continue flowing into Vietnam’s startups, and not just from countries such as Japan, South Korea and Southeast Asia, but also from Europe and the Middle East.
A report from the Ministry of Science and Technology showed that VND1 trillion of venture capital has been poured into Vietnam’s startups through Project 844. The figure is expected to double by 2025.
Analysts, noting that the capital flow to startups will continue to be strong, believe that there have been big changes in investors’ tastes and startups.
The startups that now most attract attention from investors are those in the fields of logistics, education, healthcare, financial services, and online sales.
Small in size and easily adaptable, startups in the tourism industry have found ways to do well during COVID-19, while many others are still up against a wall.
During Covid-19, investors become hesitant to pour capital into the economy in general and startups in particular. The startups living on fund raising will not be able to survive, according to Clever Group president Nguyen Khanh Trinh.