Startups in Vietnam secured a total of US$35.7 million in funding in Q1 2024 (till March 15, 2024), a 39 per cent decline from US$58.6 million raised in the same period in Q1 2023, according to a report.
However, this is a 467 per cent surge compared to the US$6.3 million raised in Q4 2023.
Also Read: Sharp decline in late-stage deals hits Q1 funding in SEA: Report
The Tracxn Geo quarterly report found that early-stage investments in Q1 2024 stood at US$31.2 million, 47 per cent lower than the US$58.6 million raised in Q1 2023. There were no early-stage rounds recorded in Q4 2023.
Seed-stage funding was US$4.5 million in Q1 2024, 29 per cent lower than the US$6.3 million raised in the same period in Q4 2023. No seed-stage investments were observed in Q1 2023, and no late-stage funding for three quarters in a row.
Be Group, an app-based aggregator that offers booking services for motorbikes, cars, air tickets, passenger cars, and fast delivery, raised the largest round of funding (US$31.2 million) in Q1 2024.
Autotech (US$31.2 million), edutech (US$2.5 million), and enterprise applications were the top-funded verticals in Q1 2024.
No new unicorns emerged in Q1 2024, similar to Q1 2023. There was hardly any activity in terms of exits, with only two acquisitions and no IPOs.
Also Read: Vietnam’s B2B food sourcing platform Kamereo lands US$2.1M funding
CyberAgent Capital, Nextrans, and Vietnam Silicon Valley are the all-time most active investors in this space. Northstar Ventures, Monk’s Hill Ventures, and R2 Venture Partners were the top seed-stage investors in Q1 2024.
In Southeast Asia, Vietnam ranks third in funding raised in Q1 2024, after Singapore and Indonesia. This is a positive change from Q4 2023, when Vietnam had ranked fourth among the SEA countries based on tech startup funding.
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