|Singapore’s Draper Startup has acquired Hatch Ventures Vietnam|
HATCH!, which offered training, business incubation, and investor matching, was founded in 2012 by US entrepreneur Aaron Everhart. HATCH! organised the HATCH! FAIR from 2012-2017, and coorganised the inaugural TechFest, which is now Vietnam’s largest annual gathering for innovation and entrepreneurship.
Draper Startup House, founded by Vikram Bharati in Singapore in 2018, began as Tribe Theory, a concept for digital nomads to live, work, and cocreate companies. It joined the Draper Ecosystem to form Draper Startup House in 2019. Danang, Vietnam is the newest location, joining its existing locations.
Draper Startup House Singapore wholly acquired HATCH! and subsequently will co-own Draper Startup House Vietnam. The cash and equity deal will result in a new Vietnamese entity.
Vikram Bharati, CEO of Draper Startup House International (Singapore) said, “The acquisition of HATCH! supports Draper Startup House vision to create one million companies by 2030. The systems, network, and brand recognition of HATCH! in Vietnam enables Draper to gain an influential presence in Vietnam, starting in Danang city.”
|Startups gathered at Draper Startup House in Danang|
Companies joining in Draper Startup House programmes will get access to the 23 global venture capital funds in Draper Venture Network.
Aaron Everhart, who will assume the role of CEO for Draper Startup House in Vietnam said, “I envisioned HATCH! to help ‘made in Vietnam’ innovations to compete internationally, and this aligns with the vision and direction of Draper Startup House. Now participants and alum can take advantage of programmes like Draper Startup House Academy for learning, and Draper Startup House Ventures for funding.”
Industry analysts recognise Vietnam’s large population of highly skilled technical, scientific, design, and artistic talent. Draper Startup House, according to them, concentrates on venture building with globally diverse teams, resulting in a steady flow of quality investment targets. This acquisition brings entrepreneurs and startups in Vietnam a faster path for global reach.
By Thanh Van