Vietnamese startups flourish

Since the beginning of the year, the Covid-19 pandemic has caused many difficulties, but many Vietnamese startups have successfully raised tens of millions of dollars from large investment funds. It is good news for the startup community.

HeroVerse, a non-fungible token (NFT) game project (game built and developed on blockchain platform) with headquarter in Vietnam, mobilized US$1.7 million from blockchain and NFT investment funds. The HeroVerse game is developed based on a combination of Match-3 puzzle (like Candy Crush Saga) and roleplaying - two factors that ensure the game is easy to play and suitable for a wide range of players while still has an attractive tactical element.

Meanwhile, KiotViet has just received $45 million from KKR International Investment Fund as the main investor in a Series B funding round. Previously, the company received $6 million in a Series A funding round from venture-capital firms Jungle Ventures (Singapore) and Traveloka (Indonesia). KiotViet is a subsidiary of Citigo Software Company. The company provides a suite of software solutions, including point-of-sale, inventory, and employee management tools to more than 110,000 small and medium-sized businesses in Vietnam.

Meanwhile, digital platform Vietcetera has successfully got $2.7 million in the Pre-Series A funding round from North Base Media. Vietcetera Media is a media company founded by Hao Tran and Guy Truong in Ho Chi Minh City in 2016. Marathon, a Vietnamese startup specializing in online tutoring, was established earlier this year by Pham Duc and Tran Viet Tung. This startup acquired $1.5 million of investment capital in the Pre-seed round. Investment funds that poured capital for Marathon include Forge Ventures, Venturra Discovery, and iSeed. With the new funding, Marathon is expected to pilot teaching Maths, Physics, and Chemistry for grades 6-12 and will expand courses for other subjects in the future.

Recently, medical technology startup Medigo called up $1 million of investment capital from Touchstone Partners fund. Entering the medical technology market in July 2019, the Medigo application has created a platform to connect users with high-quality telehealth services. Initially, Medigo provided e-commerce services on pharmacy, cosmetics, and medicine delivery service 24/7, connecting customers with pharmacists at pharmacies in the shortest time. According to Ms. Ngo Thuy Ngoc Tu, co-founder of Touchstone Partners, this investment confirms the investment strategy in long-term value that the fund is pursuing.

They are just some of many startups that have grasped investment opportunities despite the difficulties caused by the Covid-19 pandemic. Most invested startups are in fields, such as healthcare, education, and online services, on the technology application platform. These startups have many competitive advantages, such as infrastructure and a tech-savvy workforce, to apply digital solutions.

In the global startup ecosystems in 2020, Vietnam gained 13 notches to 59th place, aiming to become the leading startup hub in Southeast Asia.

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