VIETNAMESE STARTUPS BAG $35.7 MILLION IN FIRST QUARTER OF 2024

Vietnam's tech ecosystem received total funding of $35.7 million in the first quarter of 2024, according to a report released by Tracxn Technologies on April 2. The Q1/2024 funding of $35.7 million was a 39 per cent drop from the $58.6 million raised in the same period in 2023, but a 467 per cent increase compared to the $6.3 million raised in Q4/2023.

Vietnam ranked third in terms of funding raised by Southeast Asian countries in Q1/2024 after Singapore and Indonesia, while it was fourth in Q4/2023.

Early-stage funding in Q1/2024 stood at $31.2 million, while Q4/2023 did not witness any funding rounds at that stage. However, this was a 47 per cent drop from the $58.6 million raised in the same period last year.

In Q1, total funding of $4.5 million was received in the seed stage, while Q1/2023 did not witness any notable funding. However, this was a 29 per cent drop compared to the $6.3 million raised in Q4/2023.

Trancx noted that this space had not witnessed any late-stage funding in the last three quarters.

Be Group, an app-based aggregator that offers booking services for motorbikes, cars, air tickets, and fast deliveries raised $31.2 million in a series b round, making it the highest funding round so far in 2024.

Autotech, edtech, and enterprise applications were the top-performers based on funding in the Vietnamese tech sector. While Q4/2023 did not witness any notable funding in the autotech and edtech sectors, Q1/2024 witnessed $31.2 million and $2.5 million respectively.

Inversely, the real estate and construction tech and retail sectors did not attract any funding in Q1/2024. Funding into enterprise applications dropped from $4 million in Q4/2023 to $1.5 million in Q1/2024.

Vietnam's tech space saw no Unicorn or IPOs in Q1, which was the same scenario to Q1 and Q4 in 2023.

CyberAgent Capital, Nextrans, and Vietnam Silicon Valley were the overall top investors in this space, while Northstar Ventures, Monk's Hill Ventures, and R2 Venture Partners were the top seed investors Q1/2024.

Source: VIR