In May this year, Ruangguru (an Indonesian-based educational technology company) acquired Vietnamese online learning platform Mclass. This is one of four successful acquisitions in the first 6 months of the year. Photo: Ruanguru
Tracxn Data tracking platform recently said that total investment in Vietnamese technology startups has decreased by 82% from 372 million USD in the first half of 2022 to 66 million USD in the first half of 2023. This number shows that the fundraising winter is still continuing.
Traxn explained that the drop could be due to unfavorable global economic conditions, uneven recovery after the COVID-19 pandemic, rising inflation rates and uncertain events around the world, causing the Investors are more cautious when funding startups.
In which, startups at the stage of raising $ 58.6 million. This is equal to 67% of the second half of 2022 and only 19% of the first half of 2022.
Seed capital had the biggest decline, raising only $7.3 million in the first half of 2023, down 71% compared to the second half of 2022 and down 81% compared to the first half of 2022.
In the first half of 2023, the funds raised mainly originated in the first quarter with USD 58.6 million - accounting for almost 89% of the total raised, a stark contrast to the USD 8.5 million raised in the second quarter of 2023.
At the end of March, the venture fund Do Ventures and the National Innovation Center (NIC) also released the Vietnam Innovation and Technology Investment Report 2023. With 134 deals, Vietnam ranked 3rd in terms of number of deals in Southeast Asia. However, the rapid decline in funding in recent years is challenging startups. |