Illustrative image (Source: internet) HCM City (VNS/VNA) - Investment in Vietnamese start-ups is growing sharply with millions ofdollars pledged in 2019 and the first two months of 2020, according toSingaporean venture capital firm Cento Ventures.
In a report, it pointed out that Vietnam saw the highest increase in share inthe region, from 4 percent of investment in Southeast Asia in 2018 to 18 percentlast year after surging from 284 million USD to 741 million USD.
This was attributed to the fact it had more late-stage companies such as e-commerceplatform Sendo.
Sendo, owned by Sen Do Technology JSC, completed a 61 million USD series Cfunding round.
Besides existing investors, this round also saw the participation of two newinvestors, Indonesia’s EV Growth and Thailand’s Kasikornbank.
Last year Sendo had mobilised 51 million USD in the series B round.
Tran Hai Linh, Sendo’s general director, said the company would use the moneyto expand its services and invest in AI and machine learning technologies.
JupViec.vn received several millions of dollar worth of investmentfrom STI Holdings.
It supplies domestic hourly and daily help and post-construction industrialcleaning service to more than 10,000 customers in Hanoi and HCM City throughits network of 3,000 maids.
By applying modern technologies in the recruitment, training and management ofworkers, JupViec.vn has created a new model of technology-based hourly domestichelp who have been screened and trained to meet certain standards.
Elsa Speak, an English learning app, successfully raised 7 million USD in aseries A round in February from investors led by Gradient Ventures, a Googlefund for AI.
It raised the total investment in Elsa Speak to 12 million USD.
Elsa Speak was co-founded in 2015 by Van Dinh Hong Vu and Portuguese nationalXavier Anguera, an AI and voice recognition expert.
It now has four million users in 101 countries, making it one of the top fiveAI apps along with Microsoft's Cortana and Google's Google Allo.
Grab, one of Southeast Asia’s leading apps, last month announced thelaunch of Grab Ventures Ignite in Vietnam, an accelerator programme forearly-stage start-ups.
It will nurture and support promising Vietnamese start-ups in line with thegovernment’s strategy to create at least five billion-dollar tech firms by 2025and 10 by 2030./.
VNA
