The young Vietnamese startup space is coming of age if their mushrooming growth and ability to garner institutional funding is an indicator.
Vietnamese startups scored 67 venture capital funding rounds in 2015 (including undisclosed investments), an increase of 130 per cent over 2014. While data on 2016 funding is yet to be released, startup observers said, the number is much higher coupled with larger deal values.
According to data compiled by DEALSTREETASIA, based on announced funding rounds and M&A activity in the local startup scene, 2016 saw over 30 transactions compared to 22 deals the previous year,
Vietnam also hosted several events to showcase new startups with potential. Concluding 2016, the Vietnam Startup Festival on December 29 – themed ‘The Pioneer Dream’ – featured promising startups, both bootstrapped and VC-backed companies.
We handpicked some startups from the winners for this year’s to-watch-out-for list.
Designbold
A “Photoshop” for amateur designers, Designbold was launched in October 2016 but immediately caught the headlines as the successor of 2014’s phenomenon – Flappy Bird.
Targeting the global market from day one, Designbold recorded $130,000 revenue within only two weeks after its launch. This is a rare success in Vietnam.
The company has had some 40,000 cumulative users with 52 per cent returning visitors. The monthly users count at 8,000, an executive with the firm told DEALSTREETASIA.
Founded by Dinh Viet Hung, also the founder of template provider Joomlart and a seasoned angel investor, Designbold won ‘Best Startup of the Year’ – an award voted by a selective number of other startups, ecosystem builders and investors.
GotIt!
US-based edtech startup GotIt!, which…