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500 Startups Vietnam company secures $30 mn in Series B funding

Released at: 13:58, 04/04/2019

500 Startups Vietnam company secures $30 mn in Series B funding

Photo: 500 Startups Vietnam

500 Startups Vietnam announces one of its companies secured $30 million in Series B funding on April 5.

by Minh Do

500 Startups Vietnam announced that one of its companies recently closed a $30 million+ Series B funding round (which has not been announced as yet) and was one of half a dozen that successfully raised money in the first quarter of 2019. Another 10+ of its companies may aim to raise new financing within 2019.

“We are happy to help deliver great companies to later-stage investors like these,” according to the announcement from 500 Startups Vietnam. “This month we took meetings with various notable investors looking to understand more about Vietnam’s ecosystem and potentially identify opportunities, including Sequoia, GGV (the marquee China/SF fund), Korea Investment Partners, and Eight Roads (Fidelity’s venture arm).”

Driving Vietnam’s record-level of venture funding in 2018, as reported by Topica Founder Institute, was a handful of large ($50 million+) deals, for example: more than $100 million rounds in Be and VATO, two local ride-sharing clones; $100 million in a pre-IPO subscription for media company Yeah1; $51 million Series B for e-commerce website Sendo; $50 million Series D for Topica EdTech Group; and $40 million+ Series C for e-commerce website Tiki.

Some negative hits notwithstanding (such as entertainment company Yeah1 having its content-hosting agreement with YouTube terminated and ride-hailing app GO-VIET parting ways with its CEO), the momentum seems set to continue into 2019. January saw the announcement of Warburg Pincus’s $100 million investment in e-wallet provider Momo, and it was reported in March that Tiki is finalizing a $75 million deal with Northstar.

Critical to the team’s work has been the efforts of Ms. Hau Ly. Ms. Hau joined 500 Startups Vietnam almost three years ago, in response to a job post seeking its “missing link”. Since then she has worked on investment, portfolio support, fund operations, and now its SF-inspired, Saigon-based Saola Accelerator.

“Our founders’ progress and Ms. Hau’s efforts exemplify our mission to support Vietnam’s most promising tech startups,” the announcement stated. “While we continue to be focused on that for the seed-stage for now - we just completed a quarter-long marathon sifting through thousands of tech companies in our internal database, and we’ll launch our Vietnam accelerator program later in the second quarter - we are beginning to think about What’s next?”

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