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Vietnam Startup Deals Insight 2017

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Vietnam Startup Deals Insight 2017

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Vietnam Startup Deals Insight 2017

  1. 1. Compiled by Topica Founder Institute VIETNAM STARTUP INVESTMENT INSIGHT: 2017 IN SNAPSHOT ● Deal counts doubled: 92 deals, up from 50 in 2016 ● The year of exits: 8 acquisitions, total $128M ● Strongest appetite: Sea Group (Garena), 3 out of 6 deals $10M+ ● “EFF” E-commerce, Foodtech and Fintech saw the highest number of transactions ● The rise of locals: The first time locals VCs and angels bypassed foreigners in deal count; however the latter still generated higher deal value ● Top exit investor: CyberAgent Ventures successfully exited 4 startups this year with Foody, CleverAds, Tiki (partial), Vexere (partial) ● Start of ICO wave: $52m raised by Vietnamese-founded Kyber Network; several other ICOs and crypto-investors preparing launch In 2016, 9 TFI startups got funded, accounting for 26% of all early stage funding deals in Vietnam (Seed, Series A). “TFI Mafia” consists of hundreds of startups, investors, mentors promoting a “Pay-It-Forward” culture in building the startup ecosystem. FACTS 26% Of Early Stage Deals in 2016 $20m+ Funding Raised $100m Combined Valuation Since 2011 For detailed deals info visit us: Topi.ca/tfi 1
  2. 2. Compiled by Topica Founder Institute ô VIETNAM STARTUP DEALS 2017: DEAL COUNT DOUBLED TO 92, DEAL VALUE UP 42% AT $291M. Number of deals & deal value 10 24 25 28 67 50 92 0 10 20 30 40 50 60 70 80 90 100 2011 2012 2013 2014 2015 2016 2017 291137 205Deal value (US$ million) ● Deal counts: doubled to 92 (¹) from 50 in 2016 ● New record in startup deal value: $291M (²), a 42% YoY growth from $205M last year; ● Top 6 deals amounted to $198M (Details in table below): 3 3 8 17 61 0 10 20 30 40 50 60 70 >20m 10m-20m 5m-10m 1m-5m <1m Deal count 158 40 48 35 10 0 50 100 150 200 Deal value (US$ million) Deal size comparison (¹) 92 deals found through data gathered from information with trusted sources, both announced and undisclosed. There could possibly be more due to the remaining numbers of undisclosed transactions (²) Excluding 2 large deals worth $100+ each, involving Vietnamese businesses but with complex regional structure. Investee Investors Type Estimated size Foody Sea Group Acquisition $64M 2 Undisclosed deals Sea Group Acquisition $50M Tiki JD.COM STIC Investment Series C $54M Undisclosed TNB Ventures Series A $20M Vntrip Hendale Capital Series B $10M 2
  3. 3. Compiled by Topica Founder Institute REGIONAL UNICORN ACQUISITION LED TO LOCAL VCs SUCCESSFUL EXIT $64M ~$50M 2 undisclosed deals ● Sea Group (formerly Garena) acquired 82% stake of Foody for around $64M, the most significant acquisition deal of the year. Besides, Sea also acquired two top Fintech and logistic player (undisclosed details, estimated value up to $50M, sources said), consolidating their position leadership in Vietnam. ● Telenor acquisition of 701Search, regional holding of Chotot.vn, a local classified site, for $109M was one of the notable deals to watch, impacting Vietnam startup ecosystem. (*) A top Fintech and a logistic player (*) Due to regional complex regional structure, this deal was excluded from total deal value & deal count in the Vietnam startup deals report. Notable acquisition deals Top exit investor ● Top exit investor: CyberAgent Ventures successfully exited 4 deals this year with Foody, CleverAds, Tiki (partial), Vexere (partial). 3
  4. 4. Compiled by Topica Founder Institute • E-commerce rose on top of the scene with 21 deals in 2017, approximately of $83M in value. • Followed by Foodtech with the presence of Foody, Cooky and an undisclosed platform and social community related to food and restaurants, at a total deal size of $65M. • Fintech stepped back to third place with 8 deals, contributing $57M. • Media also climbed to the “top list” with 9 deals and above $18M in deal value. • Logistics and Online travel contributed to the list with 5 deals in total, $18M and $10M in deal value respectively, some of big names are Vntrip, Inspitrip... “ EFF”: E-COMMERCE, FINTECH AND FOODTECH LED THE SCENE 0 25 50 75 100 0 5 10 15 20 25 $inmillions Deal volume Deals by top 6 industries Food tech $65M Fintech $57M Media $18M Logistics $18M Online travel $11M E-commerce $83M 4
  5. 5. Compiled by Topica Founder Institute “ Big 4 investors” by deal size ($M) DEAL COUNT BY LOCAL VCs AND ANGELS BYPASSED FOREIGN INVESTORS BUT THE LATTER ACCUMULATED HIGHER DEAL VALUE “ Big 4 investors” by deal count (*) 114 44 20 13 0 20 40 60 80 100 120 SEA JD.COM TNB Venture Mekong Capital 11 5 3 3 0 2 4 6 8 10 12 500 Startups VN ESP Capital Nextrans SEA (*) Excluding accelerators from this ranking 28 64 0 10 20 30 40 50 60 70 Foreign investors Local investors 245 46 0 50 100 150 200 250 300 Foreign investors Local investors Deals count of local vs foreign investors. Deals value of local vs foreign investors ($US millions) • The first time local VCs & angels surpassed foreign investors in term of deal count, by a factor of 2. However, foreign investors still generated higher deal value. • Among VCs & PE, 500 Startups led the scene with 11 deals, followed by ESP Capital – a new homegrown VC. • The rise of local VCs: VIISA, ESP, VSV, 500 Startups Vietnam and Shark Tank together sealed 49 early stage deals in 2017 5
  6. 6. Compiled by Topica Founder Institute VIETNAM STARTUP ECOSYSTEM BENEFITS FROM REGIONAL UNICORNS Coworking Space Government Pre Seed/Seed Series A and Series B Events Community & Media Corporate Investors Accelerators 6
  7. 7. Compiled by Topica Founder Institute Topica Founder Institute (TFI) builds real startups, with real products, real revenues, and real funding. “TFI Mafia” consists of hundreds of startups, investors, mentors promoting a “Pay-It-Forward” culture in building the startup ecosystem. ABOUT TOPICA FOUNDER INSTITUTE of Seed and Series A deals in Vietnam in 2016 are TFI Graduates Since 2011 60 Startup Graduates $20m+ Funding Raised $100m+ Combined Valuation 26% 7 Highlighted graduates Batch 2018 opening in April Topi.ca/tfi
  8. 8. Compiled by Topica Founder Institute DISCLAIMER Data contains both disclosed and undisclosed (non-exhaustive) investment deals that took place in 2017. We do not guarantee accuracy of the information for undisclosed deals, please use the information with discretion. If you have any questions or requests pertaining to the list, please contact us at: Quang Mai Duy quangmd@topica.asia Nhat Bui nhatbd@topica.asia Cong Tran congtm@topica.asia Bobby Liu bobbyliu@topica.asia Special thanks to our colleagues and friends who helped collect, research, and validate the information. 8

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