Vietnam Newsletter - December 2024

Market Summary

In December 2024, the Vietnamese market witnessed transactions totaling around USD665m. Notably, the Technology, and Agriculture & Food sectors were prominently involved:

• The Technology sector featured a notable transaction where Techcoop has raised a USD70m Series A funding, the largest Series A investment in Southeast Asia agritech start up to date. Additionally, Customore, an advanced e-commerce data consolidation platform, was acquired by ADA, a prominent leader in the Data and AI industry.
• The Agriculture & Food sector featured Enfarm, Vietnam’s agritech company, successfully raised seed funding from Touchstone Partners.

Aggregate Deals Value = c. USD665m

This month's top deals

Technology

‍Vietnam’s Techcoop raises USD70 million Series A led by TNB Aura, AVV:

Vietnam’s agritech startup, Techcoop, has raised a USD70m Series A funding round, marking potentially the largest of its kind in Southeast Asia. The round consists of USD28 million in equity funding and USD 42million in debt financing. It was led by existing investors, Southeast Asia-focused venture capital firm TNB Aura and Vietnam-based Ascend Vietnam Ventures (AVV), according to regulatory filings. The fund is used for investing in technology and supporting the development of export infrastructure.‍

ADA acquires Customore, launching the most advanced Intelligent Commerce solution for CPG industry:

The leading Data and AI company and Asia’s largest integrated e-commerce provider has announced the acquisition of Customore, a prominent platform specializing in e-commerce data consolidation. This strategic move enables ADA to introduce the most advanced Intelligent Commerce solution for the CPG industry, designed to drive e-commerce success through enhanced data insights, AI-powered predictive analytics, and streamlined e-commerce operations.‍

Nvidia acquires AI unit of Vietnamese private giant Vingroup:

VinBrain, a startup specializing in AI-driven healthcare solutions, was acquired by Nvidia in December 2024. Previously owned by Vingroup, VinBrain focused on developing tools to help medical professionals improve efficiency and enhance patient outcomes. Following the acquisition, Nvidia signed an agreement to establish two AI research and data centers in Vietnam, highlighting its commitment to investing in the country’s growing technological landscape. These centers are expected to significantly bolster Vietnam’s AI and technology capabilities.‍

Vietnam's OnPoint acquires Thai e-commerce enabler CREA:

OnPoint, a SeaTown Holdings-backed e-commerce enabler in Vietnam, has acquired Thailand’s CREA, creating a Southeast Asian e-commerce enabler serving over 250 brands with expertise in warehousing, live streaming, and end-to-end operations. Based in Bangkok, CREA targets to support brands win millennials and Generation Z customers by creating solutions through social networks. OnPoint, backed by SeaTown (a Temasek subsidiary), previously raised USD35 million in its USD50 million Series B round in August 2022.‍

Vietnamese foodtech startup Kamereo raises USD7.8 million to expand operations:

Kamereo, a B2B e-commerce platform specializing in food supply, has successfully secured USD 7.8 million in a Series B funding round. The investment was backed by Sumitomo Corporation, Inspire Co., Ltd., SMBC Venture Capital Co., Ltd., Mitsubishi UFJ Capital Co., Ltd., Reazon Holdings, Inc., and other individual investors. This capital will be strategically utilized to expand product offerings, diversify business operations, launch new services, and enhance product features with innovative solutions.

Article link:

Vietnam’s Techcoop raises USD70 million Series A led by TNB Aura, AVV

ADA acquires Customore, launching the most advanced Intelligent Commerce solution for CPG industry

Nvidia acquires AI unit of Vietnamese private giant Vingroup

Vietnam's OnPoint acquires Thai e-commerce enabler CREA

Vietnames foodtech startup Kamereo raises USD7.8m to expand operations

Agriculture & Food

Touchstone Partners leads seed funding in Vietnamese agritech startup - Enfarm

Vietnam’s agritech company, Enfarm, received seed funding from Touchstone Partners with participation from Aiviet Venture and Conservation Vietnam. Founded to address gaps in traditional farming practices, Enfarm empowers farmers with data-driven solutions to optimize crop cultivation. Enfarm’s solution enables farmers to optimize fertilizer usage and minimize agricultural waste, leading to enhanced productivity and reduced costs. With the new funding, Enfarm will be able to scale operations, reduce product costs, cover more crops and enter into other ASEAN markets.

Article link:

Touchstone Partners leads seed funding in Vietnamese agritech startup - Enfarm

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.