Vietnamese startups attract millions of US dollars
According to the Vietnam Innovation and Technology Investment Report published by the National Innovation Center of the Ministry of Planning and Investment and Do Ventures, Vietnam ranks third in Southeast Asia (after Singapore and Indonesia) in terms of the number of invested startup projects and the value of capital invested in start-ups.
In early 2022, many startups in Vietnam also lured millions of US dollars from foreign funds.
SoBanHang: In March 2022, SoBanHang, a management application for small business households and online retailers, raised $2.5 million from FEBE Ventures, Class 5, Trihill Capital and others.
SoBanHang was developed by brothers Bui Hai Nam and Bui Hai Long to help small businesses and business households create online stores and manage orders. Mr. Bui Hai Nam was once the CEO of Lazada Vietnam, while his brother Bui Hai Long used to be the Chief Analyst and CTO of the supermarket chain Landers Superstore in the Philippines. The capital will help SoBanHang focus on products and develop new features to support sellers in a more comprehensive way.
Infina: In February 2022, Infina platform announced that it had successfully raised $ 6 million in a seed round from six foreign investors, including Sequoia India's Surge program, Y Combinator incubator, Saison Capital Ventures, Starling Ventures, Alpha JWC, and AppWorks. Some of the other investors participating in this round have invested in similar startups and fintech models in other markets. Infina is an investment and accumulation platform focused on the Vietnamese market. Users have a wide range of investment options ranging from fixed income products to fund certificates, and stocks.
OpenCommerce Group: In late February, cross-border e-commerce company OpenCommerce Group (OCG) announced it had raised $7 million in a Series A funding round. Headquartered in Hanoi with representative offices in San Francisco (USA) and Shenzhen (China), OCG provides whole-package support services for online sellers with low cost and limited risk. More than two years after its launch, the platform has helped more than 86,700 people from 195 countries do their e-commerce business globally, reaching $670 million in GMV value. The company's technology ecosystem currently consists of three key products: ShopBase, PrintBase and PlusBase.
Mio: In early 2022, Mio, an e-commerce platform via social networks, announced funding of $8 million in the Series A round, bringing the total capital raised by the company since its establishment to $9.1 million. The new investors include Jungle Ventures, Patamar Capital, Oliver Jung, GGV, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram. Established in June 2020, Mio is a trading platform for buying and selling agricultural products and FMCG for tier 2 and 3 cities in Vietnam. The criteria that the startup sets for commodity products on its platform is consistent quality, affordable price and next-day delivery.
Timo: Timo digital bank this year raised $20 million from Square Peg, an investment fund with experience in supporting and investing in Fintechs such as FinAccel and Airwallex, along with the participation of investment funds Jungle Ventures, Granite Oak, Phoenix Holdings and other angel investors.
Established in 2015, Timo provides digital banking products related to payment and processing banking requests without the need for customers to visit physical branches. Users can even open a bank account without going to the bank for fulfilling the registration procedures. Notably, Tech in Asia says that Timo is aiming to be licensed as a digital bank in Vietnam.
Jio Health: In early March 2022, Jio Health - a healthcare startup based in Vietnam - announced the completion of a series B funding round worth $20 million led by Singapore-based investment fund Heritas Capital. Other investors include Fuchsia Ventures, Kasikorn Bank Group and existing investor Monk's Hill Ventures.
Jio Health was founded in 2014 with the goal of using modern technology to provide affordable healthcare on demand. Through a smartphone application, this platform helps doctors and nurses to visit and care for patients anytime, anywhere more conveniently. The company currently has 150 general care providers on its platform.