TLDR:
- Vietnam tech startups funding fell 39% in the first quarter of 2024 compared to 2023.
- Overall funding raised in Vietnam was $35.7 million in Q1 2024, ranking third in SEA countries after Singapore and Indonesia.
Tracxn reported that the Vietnam tech ecosystem experienced a 39% decline in total funding raised, dropping to $35.7 million in the first quarter of 2024 from $58.6 million in the same period in 2023. Despite this decrease, the funding represents a significant increase compared to the $6.3 million raised in the fourth quarter of 2023. Early-stage investments in Q1 2024 amounted to $31.2 million, marking a 47% decrease from the previous year. Be Group, an app-based aggregator, raised $31.2 million in a Series B round, making it the highest funded round during this period. Auto Tech, EdTech, and Enterprise Applications were the top-performing segments in the Vietnam tech sector. Additionally, Ho Chi Minh City emerged as the top city in terms of funding, with startups based there raising $33.2 million.
While there were no new unicorns in the Vietnamese ecosystem in 2024, only two acquisitions were made with no IPOs recorded. CyberAgent Capital, Nextrans, and Vietnam Silicon Valley were identified as the most active investors, while Northstar Ventures, Monk’s Hill Ventures, and R2 Venture Partners were the top seed-stage investors in Q1 2024. Tracxn believes that Vietnam has potential to grow as an emerging startup hub in Southeast Asia.
