Japanese venture capital firm Genesia leads a round of $ 700,000 investment in Vietnamese media startup.
|Vietcetera is a media startup serving the Vietnamese middle class (Photo: Vietcetera)|
Vietcetera Media is a Vietnamese media startup with the goal of serving the middle class. Hao Tran, co-founder and CEO of Vietcetera Media, said the deal is closed in the first quarter of 2020 and will only be announced after the company receives media license from the government. The US Hustle Fund Management also participates in the fundraising round.
Vietcetera Media is headquartered in Ho Chi Minh City, offering both Vietnamese and English content with content spanning from business to lifestyle to podcasts. Mr. Tran said the company is preparing to complete a Series A fundraising round worth at least several million USD in the first half of 2021. Monthly readership is about 1.1 million, including 60% female and under 35 years old. Recently, the company produces rap videos with the participation of US Ambassador to Vietnam Daniel Kritenbrink.
CEO Hao Tran revealed that the capital raised will support the platform’s data science expansion, accelerate product development, and expand market share. By 2020, Vietcetera Media’s website readership will increase by nearly 700%.
According to a report by Alphabet, Temasek and Bain & Co, Vietnam’s online media market is expected to reach $ 7 billion by 2025, up from $ 3.3 billion in 2020. The digital economy is forecast to grow to 52 billion. USD from 14 billion USD in 2020, of which e-commerce is worth 29 billion USD.
According to the Vietnam Digital 2021 report of Kepios, Hootsuite Media and We Are Social, as of January 2021, nearly 70% of Vietnam’s population is connected to the Internet. YouTube is the most popular social networking platform with 92% of internet users aged 16 to 64 using. Facebook and Zalo attracted 91.7% and 76.5% respectively.
Du Lam (According to Bloomberg)
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