In 2021, Vietnamese startups raised a record high in funding of over US1.5 billion, with investments on the rise in the new year.
In Vietnam’s National Innovation Center and Do Ventures‘ recent Vietnam Innovation and Technology Investment Report, it was found that startups in the country raised over US$1.5 US billion in funding in 2021, and in early 2022, have already brought in millions. The report also ranked Vietnam third in Southeast Asia, after Singapore and Indonesia, for its number of invested startups and their current valuations.
Some local businesses that have secured funding this year include FinTech startup Infina, which secured US$6 million in its seed funding round from Sequoia India’s Surge programme, Y Combinator, Saison Capital, Starling Ventures, Alpha JWC Ventures, and AppWorks. The investment and accumulation platform provides users with a range of options from fund certificates and stocks, to fixed income products.
Cross-border e-commerce company OpenCommerce Group (OCG) raised US$7 million in a Series A funding round in late February. The business provides affordable and all-encompassing support services to online sellers, and has already expanded to San Francisco and Shenzhen. Another e-commerce platform, Mio, finalised US$8 million in their 2022 Series A funding round with new investors Jungle Ventures, Patamar Capital, Oliver Jung, GGV Capital, Venturra, Hustle Fund, and more. Established in the midst of the pandemic in June 2020, the trading platform enables the buying and selling of agricultural products in Vietnam’s smaller cities and rural areas.
Management application SoBanHang raised US$2.5 million in March 2022 from FEBE Ventures, Class 5, and Trihill Capital, among others. The app was developed by brothers Bui Hai Nam, the former CEO of Lazada Vietnam, and Bui Hai Long, the former Chief Analyst and CTO of Landers Superstore in the Philippines. The app helps small businesses create online stores and manage orders and funds raised will focus on their product range and developing new features.
Digital bank Timo raised US$20 million in a funding round led by Square Peg this year to continue to drive their accessible solutions across Vietnam, working towards a license.
HealthTech startup Jio Health also finalised its series B funding round led by Singapore’s Heritas Capital in March 2022, securing US$20 million. Through their innovative technology, the platform aims to provide affordable healthcare across the country, connecting doctors and nurses with patients anytime, anywhere.
As tech-enabled startups take the lead in 2022, drawing in millions in foreign investment, the growing digital economy and startup hub continues to drive innovation across Southeast Asia and globally.
Featured banner image credit: @NICVietnam.innovation
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