Business

Vietnamese startup scores series C funding

Vietnam-based mobile platform provider Appota announced on April 6 it had successfully raised undisclosed funding for its series C round from two investment funds in the RoK.
Vietnamese startup scores series C funding ảnh 1Founder and CEO of Appota Do Tuan Anh (Photo: baodautu.vn)

Hanoi (VNA) - Vietnam-based mobile platform provider Appota announced on April6 it had successfully raised undisclosed funding for its series C round fromtwo investment funds in the Republic of Korea (RoK), according to the Dau Tu (Investment)newspaper.

Thetwo funds are Korea Investment Partners (KIP) and Mirae Asset VentureInvestment.

Thecurrent round brings Appota’s valuation on track towards the 50 million USD markand its total funding close to 10 million USD, founder and CEO of Appota DoTuan Anh said.

Earlier,the mobile platform provider received funding from Vietnamese VNP-Group forseries A in 2012 and from Japan’s GMO Global Payment Fund and Golden GateVentures for series B in 2014.

Followingthe round, Sang-Ho Park, KIP director of investment at the Seoul-headquarteredfund, will join Appota’s board of directors.

Thisround marks a first in terms of a Vietnam-based technology startup securingfunding from RoK-based investment funds.

"Besidesthe much-needed capital to fortify our platform and scale our services, KIP andMirae will contribute their extensive and active network, along with theirprofound knowledge of the gaming market, social networking and financial techto help Appota expand with confidence to other parts of Asia," Tuan Anhsaid.

Asone of the three largest mobile game publishers in Vietnam, Appota has officesin Hanoi, HCM City, Indonesia and Singapore.

Thecompany is one of Google’s four partners in Asia to deploy the tech giant’sMobile Ad Exchange platform in Vietnam. It also has 30 million local andinternational users and five million monthly active users.

Priorto investing in Appota, KIP has had a strong track record in investing in theworld’s leading tech companies, including Kakao, Naver and Super Evil Megacorp.Meanwhile, Mirae’s portfolio comprises 270 companies worldwide across varioussectors, such as technology, mobile, finance and consumer products.

The holding groups of both KIP and Mirae AssetVenture Investment are present in Vietnam through their brokerage houses andwealth management units. KIP manages 26 venture and private equity funds with 1.5billion USD in total assets under management (AUM), while the investedcompanies of the latter represent 350 billion USD AUM.-VNA
VNA
#Vietnamese startup #Appota #C funding
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