[ July 2, 2023 by Nguyen Phan 0 Comments ]

SAVVI NEWSLETTER (JULY2023)

july_2023

SAVVI HIGHLIGHTS

Founder Spotlight:  Mike Tran, Founder of Ticketbox

Network News:  Elsa, Dat Bike, Monk’s Hill Ventures and Golden Gate Ventures, Marvell

Funding:  FoodMap, Clevai, Tepbac, Vuihoc

Vietnam Tech and Startup Environment:  Visa Exemptions, FDI, Industry Focuses, and More

DID YOU KNOW?

By 2030, Vietnam will have a literacy rate of 99%, up 3% from now In 10 years, Vietnam’s agricultural sector will only make up 7% of its economy Vietnam has the fastest growing fashion industry in Asia

FOUNDER SPOTLIGHT

Mike Tran, Founder of Ticketbox

Mike Tran is an entrepreneur from Vietnam who founded Ticketbox in 2013 and built it to become the biggest and most trusted event ticketing company in the country after 2 years. Ticketbox also expanded it’s operation to Thailand and Singapore before later getting acquired in 2019 by Tiki – one of the largest ecommerce companies in Vietnam. Besides Ticketbox, Mike Tran is also influential among the Startup community in Vietnam and is an advisor at multiple startups. He is currently leading LEK group with investments in Auftdart – Music school for the young generation, Ravolution Music Festival – the No. 1 Music Festival in Vietnam (No. 58 worldwide), and a few early stage technology startups.

Entering into an engineering career originally, Mike quickly realized his passion was not in this type of work, but in technology. However, his first attempt with the Keewi application was soon rejected by the market for a simple reason: poor applicability and product market fit.

According to Mike, his very next idea, the Ticketbox application, was born from the very simple idea of making it easier for people to buy tickets to events, avoiding having to run to the box office, waiting in line, sometimes having to buy tickets at very high prices. This application reduced black market ticket sales and helped buyers and sellers to work in a simpler and more transparent way.

According to Mike, every start-up is surrounded by many difficulties simultaneously, but if you look at it broadly, there is only one bottleneck, a single and biggest key barrier. The question is, can I find a way to untangle and overcome this difficult knot?

Recalling the first bottleneck when Ticketbox began to expand, Mike Tran said: “It’s not just about building and developing products anymore. We also have to pay attention to recruiting good people, building management processes, training, taking care of customers… But these are no longer ideas. We have always been dealing with a lot of problems at once, but I prioritized solving each knot by asking ourselves questions as a team, such as whether this is the most important problem to solve compared to current resources? If forced to choose a certain solution, my colleagues and I will carefully consider the advantages and disadvantages.”

Ticketbox has brought fans access to a variety of world-class artistic, sporting and academic events right in Vietnam. A start-up with only a few people when it was just established, now Ticketbox has expanded to serve many events throughout the country with more than 400 partners. It also has offices in Ho Chi Minh City and Hanoi and is expanding into neighboring countries such as Thailand and Malaysia.

Please join us as we interview Mike on July 27 at 3p (ICT). Zoom details are: When: Jul 27, 2023 03:00 PM Vietnam

Topic: Founder Spotlight: Mike Tran, Building a Regional Viet Tech Company Please click the link below to join the webinar:

https://us06web.zoom.us/j/86280552765?pwd=QkIyQjkwclB3OVR0QnRna2ZMVkJ6QT09

Passcode: 917422

SAVVI NETWORK NEWS

UPDATES

Elsa
ELSA Speak has developed the ELSA Dashboard classroom management system, which allows English training units to create common study groups and monitor students’ learning progress. According to an ELSA representative, with exclusive voice recognition and accurate error correction down to each syllable, the ELSA Speak application has more than 10.2 million users in Vietnam and more than 54 million users worldwide. The application can respond, point out mistakes and guide correcting immediately, thereby, helping learners self-correct and overcome the situation of not daring to speak due to fear of being wrong. However, according to the survey statistics of the group “Self-study IELTS 9.0 with ELSA Speak”, more than 90% of users of the application have stopped or used very little after about 3 – 6 months since purchasing the upgrade package. ELSA analyzes the main reason is that learners do not know where to start learning and the number of lessons is large, from daily communication pronunciation practice to IELTS and TOEIC training courses. This makes students confused and difficult to access the learning content. When there is no administrator (admin) to advise, monitor, assign, and test; Without a group of friends to study with, talk to and compete with, students who study alone easily feel depressed, emotionally impaired and find it difficult to maintain regular motivation for a long time. Because of this situation, ELSA company has developed the ELSA Dashboard classroom management system for English centers, teachers and businesses. Accordingly, from now on, this system allows users to create classes and study groups managed by the admin, creating a community learning environment to help solve difficulties in the self-study process.

Marvell

The founders of Marvell have recently launched a $2 billion chips foundry in Singapore. Silicon Box opened a $2 billion advanced semiconductor manufacturing foundry in the city-state on Thursday, as it seeks to broaden adoption of “chiplet” technology. The two-year old startup said in a statement that the 73,000-square metre factory would create over 1,000 jobs with support from Singapore’s Economic Development board. Silicon Box was created by the founders of U.S chipmaker Marvell, Sehat Sutardja and wife Weili Dai, along with current CEO BJ Han. Silicon Box focuses on “chiplets”, or small chips, which can be the size of a grain of sand and are brought together in a process called advanced packaging, a cost-efficient way to bind small semiconductors into form one processor that can power everything from data centres to household appliances. The global chip industry has increasingly embraced the technology in recent years as chip manufacturing costs soar in the race to make transistors small enough to be measured in the number of atoms.

Dat Bike
Gojek has announced a partnership with Dat Bike in the project of bringing electric motorbikes to serve the travel, delivery, and food delivery needs of users on the Gojek application platform. Within the cooperation framework, Dat Bike provides Gojek driver partners with Dat Bike Weaver vehicles to carry out passenger (GoRide), food delivery (GoFood) and delivery (GoSend) services in Vietnam. The Dat Bike Weaver series used by Gojek driver partners in this project is among the top most powerful electric vehicles on the market. With a maximum speed of 90km/h with a range of 200km for each full charge in 3 hours, helping the car to travel a long journey before the next charge, Weaver is considered to be able to help customers. Gojek’s driver partner ensures performance, maintains income, and even saves on gas costs. In Ho Chi Minh City, Gojek driver-partners can charge their batteries for free at dozens of community charging points. In addition, Weaver is equipped with a fast charging port so that it can quickly charge the first 100km in an hour at any household outlet and in 20 minutes at a Dat Bike fast charging station. According to a share from Gojek, the use of Dat Bike Weaver electric vehicle can help driver partners lower fuel costs by more than 4 times compared to gasoline cars, thereby significantly saving operating costs, besides Contributing to environmental protection by stopping waste discharge.

Monk’s Hill Ventures and Golden Gate Ventures
 The CEOs of both Monk’s Hill and Golden Gate shared their views on the state of venture capital, tech, and startups in Vietnam. Mr. Justin Nguyen, CEO of Monk’s Hill Ventures said “It is undeniable that 2022 was a difficult year in raising capital for startups. High inflation, conflict in Ukraine and supply chain disruptions continue to cast shadows over world economies and dampen investor enthusiasm. Even so, this is also a better time to set up a company or invest in early-stage startups in Vietnam. Investors are still attracted by the market’s strong economic growth, young highly skilled population and huge service industry that has been technologically advanced. In fact, Monk’s Hill Venture has seen a 17x year-over-year growth in funding in seed rounds. Venture capital in Vietnam will continue to grow thanks to a favorable business environment and an increasingly important role for the entire Southeast Asian startup ecosystem. Vinnie Lauria, CEO of Golden Gate Ventures added “Vietnam will shine in the context of the global economy facing many challenges and will continue to rise up in the Southeast Asian startup golden triangle including Vietnam, Singapore and Indonesia. With global tech giants investing in technology manufacturing in Vietnam, the domestic market is expanding rapidly with an expected GDP of 6.2% (the highest globally) and making Vietnam Nam into a giant magnet that attracts top tech talent. This will create the next generation of dominant tech startups across Southeast Asia. Sectors such as Fintech, Insurtech, Healthtech and Proptech will continue to see strong growth. Besides, climate tech will emerge as another big bet as climate discussion becomes more pervasive and organizations face pressure on ESG (environmental) indicators. school, society, and governance) larger. In addition, Golden Gate Ventures also predicts that Vietnam will turn to product development based on AI technology.”

Marvell

The founders of Marvell have recently launched a $2 billion chips foundry in Singapore. Silicon Box opened a $2 billion advanced semiconductor manufacturing foundry in the city-state on Thursday, as it seeks to broaden adoption of “chiplet” technology. The two-year old startup said in a statement that the 73,000-square metre factory would create over 1,000 jobs with support from Singapore’s Economic Development board. Silicon Box was created by the founders of U.S chipmaker Marvell, Sehat Sutardja and wife Weili Dai, along with current CEO BJ Han. Silicon Box focuses on “chiplets”, or small chips, which can be the size of a grain of sand and are brought together in a process called advanced packaging, a cost-efficient way to bind small semiconductors into form one processor that can power everything from data centres to household appliances. The global chip industry has increasingly embraced the technology in recent years as chip manufacturing costs soar in the race to make transistors small enough to be measured in the number of atoms

FUNDING

FoodMap
Vietnamese agritech company FoodMap has raised $1 million in a bridge round from foreign investors to expand its presence to new markets. Founder and CEO Tung Pham said that existing investors including Vulpes Investment Management, Beenext and Wavemaker Partners participated in this round. A Singapore family office also joined as a new investor. The Ho Chi Minh Citybased company has received a total of $4.5 million in funding since its establishment in 2020. FoodMap connects farmers and small and medium-size agricultural producers with consumers to provide transparency and traceability of farming products. The company offers its services via website and smartphone app.

Clevai
Vietnam’s edtech startup Clevai has raised $4 million in a new funding round to support its expansion plan. This is after raising a $2.1 million pre-series A round back in September 2021 led by Singapore’s Altara Ventures. Its investors from the previous round are FEBE Ventures, a Singapore-based fund focused on Vietnam and Southeast Asia, and U.S. investment firm FJ Labs. The money will be used to enhance Clevai’s live streaming infrastructure and personalize artificial intelligence (AI)-based learning experiences.

Tepbac
Tepbac, a Vietnam-based company, has received $2.25 million in a pre-series A funding round led by Dutch aquaculture investor Aqua-Spark which will assist the shrimp technologist digitize and scale Vietnamese shrimp farm production, AFN reports. Tepbac makes an IoT-enabled hardware and data system for shrimp farmers, and also runs an aquaculture media platform. They will use the funding to scale its suite of technologies to help farmers simplify shrimping operations, save costs and improve decision making

Vuihoc

Vietnamese startup Vuihoc has successfully raised $6 million in a new round of funding, led by investment fund TNB Aura. This is the third time this education startup has successfully raised capital. With the newly raised capital, Vuihoc plans to use it for product development and user acquisition, with the goal of reaching 1 million paying users by 2024. Previously, in 2021, venture capital fund Do Ventures announced an investment in Vuihoc. This is the first funding round of this education startup after two years of operation. By September 2022, Vuihoc had also raised an additional $2 million in bridging funding led by investment fund Bace Capital backed by fintech giant Ant Group. This funding round of Vuihoc also has the participation of a number of other investment funds such as Vulpes Ventures, DT & Investment, Colopl Next and Nextrans.

VIETNAM TECH AND
STARTUP ENVIRONMENT

“EuroCham Việt Nam has submitted a letter to Prime Minister Phạm Minh Chính, proposing the expansion of Việt Nam’s visitor visa exemption list to encompass all 27 EU member countries. With the aim of promoting trade and investment opportunities, EuroCham Việt Nam has underlined the vital importance of expanding the visitor visa exemption list to encompass all 27 EU member countries.”

“The Southeast Nghe An Economic Zone (SENA) on July 13 confirmed a $293 million investment from Runergy, a leading solar panel manufacturer. The news came through the economic zone’s online portal, announcing that the investment is earmarked for the construction of a silicon and semiconductor manufacturing plant. The significance of this investment was underscored by the prime minister’s presence at the project’s investment certificate presentation, held concurrently with a meeting with several key Chinese economic conglomerates.”

“The year 2022 has affirmed the importance of Vietnam to the U.S. semiconductor giant and vice versa, he said, adding that these performance and efficiency results underpin the need to inject more capital into the Southeast Asian country. By the end of 2021, the Intel Corporation had injected a total of $1.5 billion in Vietnam and it wants to keep investing and that is certainly what Intel will do, he said. Intel Products Vietnam (IPV) is now the largest of the four factories in terms of assembly and testing, he noted. Regarding the possibility that IPV will be upgraded to participate in more stages of the chip production process, he said that their current plan is to focus on packaging and testing.”

“Việt Nam’s digital economy is projected to grow fastest in Southeast Asia, reaching US$50 billion by 2025, a report said. It would be aided mainly by growth in ecommerce, with platforms like Shopee and Lazada and top retailers like Co.opmart moving their businesses online, said a report of the HCM City People’s Committee about e-commerce early this week. The boom in ecommerce has accelerated the country’s digital transformation of businesses in logistics, delivery, tourism, finance, media, and entertainment. Delivery services have grown rapidly thanks to super apps like Grab and Baemin. Online payment systems like e-wallets, e-transaction gates and e-banking have also developed speedily following a surge in online services, with 61 per cent of online purchases used cashless payments last year.”

“Foxconn (2354.TW) is set to invest about $250 million in two new projects in Vietnam, including for the production of components for electric vehicles (EVs), the world’s largest contract electronics assembler and local authorities said on Friday. The move confirms Foxconn’s global plans to become a player in the EV industry, after having focussed for years on assembling electronic products for Apple (AAPL.O) and other major brands. The Taiwanese giant, through its unit Foxconn Singapore, is set to invest approximately $250 million in an industrial park in northern Vietnam, “focusing on the production of electric vehicle components, controllers and other products to meet future development needs,” it said in a statement to Reuters.”

“HCM City will give priority to supporting and nurturing high-tech agricultural production start-ups of young entrepreneurs in an aim to raise the proportion of hightech agriculture in the city’s total agricultural land. According to the city’s Department of Agriculture and Rural Development, the city has more than 60,000 hectares of agricultural land, but the area under high-tech agriculture is less than one percent. By 2030, it targets to increase the proportion of high-tech agriculture in the city’s total agricultural land by up to 10 percent.”

STRATEGIC ALLIANCE VIETNAMESE VENTURES INTERNATIONAL

VENTURE CAPITAL ORGANIZATIONS IN VIETNAM

Antler
Website: antler.co
Contact: https://www.linkedin.com/in/jonssonej/
Pre-seed to Seed
Every sector

Ascend Vietnam Ventures
Website: https://ascendvietnam.com/
Contact: contact@ascendvietnam.com
Every sector
Pre-product market fit

Cocoon Capital
Website:cocooncap.com
Contact:will@cocooncap.com
Seed Round, Series A, Series A
AI, Enterprise Application, Fintech, Insurtech, SaaS, Machine Learning

Do Ventures
Website: https://doventures.vc/en
Contact: https://doventures.vc/en/contact
Early stage
Every sector

East Bridge Partners
Website: https://www.eastbridge.asia/
Contact: info@eastbridgelp.com
Mid-cap investment
Every sector

Gaw Capital Partners
Website:http://gawcapital.com
Contact:info@gawcapital.com
Real estate sector

Golden Gate Ventures
Website: goldengate.vc
Contact: hello@goldengate.vc
Early stage, series A, B
Tooling, consumer apps, SaaS, logistics, e-commerce

IT-Farm
Website: https://www.it-farm.com/
Contact: https://www.linkedin.com/company/it-farm-ltd/about/
Seed to series A
IT

Jungle Ventures
Website: https://www.jungle.vc/
Contact: contact@jungle.vc
Pre-seed, seed, series A
Technology startups

Monk’s Hill Ventures
Website: monkshill.com
Contact: ir@monkshill.com
Series A
Technology startups

Patamar Capital
Website: https://patamar.com
Contact: https://www.linkedin.com/in/geoff-woolley-b0665/
Technology startups

Quest Ventures
Website: https://www.questventures.com/
Contact: info@questventures.com
Seed to Series A
Multi

SoftBank Ventures Asia
Website: softbank.co.kr
Contact: b_plan@softbank.co.kr
Enterprise Software, Mobile

ThinkZone Ventures
Website: thinkzone.vn
Contact: contact@thinkzone.vn
Seed, pre-series A
Fintech, Edtech, Logistics, Ecommerce, Nanotech, Lifestyle, Service

Trihill Capital
Website: https://www.trihillcapital.com/
Contact: INFO@TRIHILLCAPITAL.COM
Early to growth-stage
Solution-oriented companies and transformative founders across sectors and stages.

Vietnam Investments Group
Website: https://ventures.vinacapital.com/
Contact: investment.vc@vinacapital.com
Multi

VinaCapital Ventures
Website: https://ventures.vinacapital.com/
Contact: investment.vc@vinacapital.com
Multi

Wavemaker Partners
Website: https://wavemaker.vc/
Contact: pitchsea@wavemaker.vc 
Seed Round
Tech

Full List Coming Soon To https://www.savvicode.com/

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