Vietnam proptech firms attract attention of investors
Foreign and domestic investors have been looking at the Vietnamese property technology (proptech) with great interest and plan into taking a larger share of the country’s US$500-million market. An estimate of about 100 proptech companies are located in Vietnam where 80 per cent are either foreign-owned or receive foreign funding. Last week, one of the most recent investments, hotel booking platform Go2Joy Vietnam has taken up additional $1.3 million from Republic of Korea (RoK) venture capital firm SV Investment.
The travel tech start-up has already raised an investment of $6.1 million over the previous year. The start-up has closed a Series A funding round of $2.5 million, led by STIC Ventures, KB Investment, Wonik Investment Partners and Wadiz Platform, in February 2020, and received $2.3 million in a Series A+ funding round led by HB Investment and Platform Partners Asset Management just a few months ago.
Whereas, another Vietnamese proptech start-up, Citics received an investment funding of $1 million in a pre-Series A round from international and domestic investors in March. Singapore’s Vulpes Investment Management and the RoK’s Nextrans and The Ventures took part in the investment. It had acquired $700,000 coming from angel funders.
Vietnam’s Homebase said in March that it had raised US$125,000 from Y Combinator (YC) which is an accelerator based in the US. It had also acquired investment in a pre-Series A funding round last December which was led by VinaCapital, US venture capital company Pegasus, and Singapore’s 1982 Ventures. While A.Plus Home acquired $8 million coming from Japan’s Daiwa PI Partners
