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GoStream will use the new tremendous funding to expand operations

GoStream was founded in 2017 by three seasoned engineers with track records in digital enablement. GoStream is an easy-to-use platform for any type of user, even for those with little or no technical knowledge. It enables users to reach a larger audience from different platforms to increase visibility and get more views. Currently, the company is serving multiple corporate clients and facilitating over 100,000 livestreaming sessions daily.

GoStream is dedicated to providing an interactive experience that encourages viewer participation in live videos. This increases viewer engagement and contributes to the building of a larger and more loyal community that follows a user’s content.

Marketwise, social networks are recognised as the next most common channel for online shopping in Vietnam, just behind e-commerce sites. According to PwC Social Surveys, Vietnam ranked seventh in the world in the number of Facebook users (68 million) which accounted for 68.7 per cent of the country’s entire population. In 2020, Vietnam’s “digital economy” reached $14 billion and is expected to grow to $52 billion in 2025, according to a recent report by Google, Bain & Company, and Temasek.

Trung D. Hoang, partner at VinaCapital Ventures, commented, “We are excited to invest in GoStream, which has been leading the way in integrating livestreaming across a number of sectors. Their innovative streaming technology is helping more businesses reach more viewers and customers, and we look forward to working with them as they further expand their capabilities and play an even greater role in Vietnam’s growing digitalisation.”

In November 2020, GoStudio – a product of GoStream Technology JSC – won first prize at Vietnam Techfest 2020. The contest’s organising committee recognised the product’s ease-of-use and adaptability to a range of online channels, including social commerce (livestream commerce), online training (e-learning), online entertainment (live gameshows). This became especially important as the COVID-19 pandemic swept the world. GoStudio does not require software downloading or installation and it is stable and compatible with popular web browsers, enabling more users to apply livestreaming across various sectors.

Vietnam tops the list of destinations for venture investors for the next 12 months.

Live video streaming startup GoStream secures 7-digit funding

GoStream, a fast-growing Vietnamese startup that provides multi-platform livestream broadcaster for social sellers, marketers, and content creators, has announced that it has secured a 7-digit USD funding from VinaCapital Ventures.

In the ‘new normal’, startups could become technology unicorns

Rapid digital transformation will serve as an important driving force for technology firms to become unicorns in the future.

The Hanoitimes – Hanoitimes- UAE Ambassador to Vietnam highlighted his hope to the young generation during a talk with Vietnamese students.

On November 27, 2020, Ambassador Extraordinary and Plenipotentiary of the United Arab Emirates (UAE) in Hanoi, Obaid Saeed AlDhaheri, had a talk with students from Hanoi University of Social Sciences and Humanities.

Associate Professor, Dr. Hoang Anh Tuan, Vice Rector of the university, representatives of the International Cooperation Department, staff of the UAE Embassy and hundreds of students from the university’s faculties joined the talks.

UAE Ambassador to Vietnam had a talk with students from Hanoi University of Social Sciences and Humanities

In a friendly and open atmosphere, the Ambassador reviewed the UAE’s development history, stating that UAE is a small country with about 10 million people that was once a poor land with a harsh desert climate and white sand.

“Over the 49 years since the founding of the country, the leaders of the UAE have always wondered how to develop the country so that the people can have a prosperous life, and how UAE has a more prestigious position on the world map”, the diplomat said.

UAE Ambassador takes photo with Vietnamese students after the talk.

The UAE is always interested in and upholding the role of the young generation in the development process, considering it a force that can change the country. Thanks to the oil resources and a broad vision in development of the young generation, UAE has grown rapidly, attaining  many impressive achievements across several fields.

In 2019, UAE passport  took the  first place in the world passport ranking. Also in 2019, a citizen of the UAE made a historical milestone as the first Arab to set foot on the ISS International Space Station on an important mission that lasted more than a week.

In July 2020, UAE successfully launched Hope Probe to the Mars, marking the UAE’s breakthrough in space exploration activities.

The Ambassador encouraged young people to have positive thoughts and actions, take initiative, prepare their knowledge and take advantage of opportunities to bring success to themselves and contribute to country development.

The Ambassador also mentioned the importance of learning in real life besides acquiring knowledge in academic books. In 2016, UAE appointed Shamma Al Mazrui to the position of Minister of State in charge of Youth Affairs making her the world’s youngest minister of 22 years old. At that time Shamma had a Master’s degree from Oxford and Bachelor in Science from New York University.

Referring to the role of culture in the age of technology, the Ambassador referred to his previous visit to the Museum of Ethnology, in which he was impressed with the cultural features of the Vietnamese ethnic minorities.

The UAE also has many famous museums such as the Etihad Museum that introduces the history of the UAE, the Louvre Abu Dhabi Museum is a new museum displaying many valuable antiques, while the Future Museum is the model about sustainable development when using energy from solar cells, he said.

“Science and technology have changed our lives in a positive direction, helping us to cope and maintain operations during a time that is heavily influenced by Covid-19. However, we, especially the young generation, must keep our cultural identity while receiving advanced  technology from the world”, the ambassador pointed out.

The diplomat said he was very impressed with the changes of Vietnam over the years. He told the young people in Vietnam to be proud of their historical traditions, culture, achievements but still have to make more effort to build their own future and the country.

At the end of the talk, the Ambassador answered some questions from the students and took photos with them.

Startups expand with fresh funding and portfolios

In February, ELSA, a smartphone app that helps non-native English speakers develop grammar and speech skills, wrapped up a $15 million investment in financing rounds co-led by Vietnam Investments Group and SIG. Existing investors including Google’s Gradient Ventures, SOSV, and Monk’s Hill Ventures’ AI-focused venture fund joined the company’s Series B funding phase.

ELSA, which stands for English Language Speech Assistant, was co-founded in 2015 by Vietnamese entrepreneur Vu Van and engineer Xavier Anguera and focuses on the three markets of Vietnam, India, and Japan. With the fresh fund, the startup plans to penetrate Latin American countries as well as accelerate expansion across Asia this year.

Another million-dollar deal was secured by e-wallet MoMo in January, bagging over $100 million in its series D financing from leading global investors. The fund will be used to establish a new super-app platform, enhance MoMo’s ecosystem which serves millions of Vietnamese end users, and launch MoMo Innovation Ventures – an initiative to invest in Vietnamese companies with potential to be integrated into MoMo’s ecosystem for the benefits of access to a broader market and user base.

Also in January, live streaming platform GoStream announced that VinaCapital Ventures had invested $1 million into the company. Founded in 2017, GoStream is an easy-to-use platform that enables users to reach a larger audience from different platforms to increase visibility and get more views. Currently, the company is serving multiple corporate clients and facilitating over 100,000 live-streaming sessions daily.

Trung D. Hoang, partner at VinaCapital Ventures commented, “We are excited to invest in GoStream, which has been leading the way in integrating live-streaming across a number of sectors. Their innovative streaming technology is helping more businesses reach more viewers and customers, and we look forward to working with them as they further expand their capabilities and play an even greater role in Vietnam’s growing digitalisation.”

Meanwhile, startup e-wallet firm Gpay, a member of G-Group Technology Corporation, completed its Series A investment with the participation of KB Fina, which is a joint venture between G-Group and South Korean KB Financial Group. KB Financial Group invested VND425 billion ($18.4 million) in Gpay through KB Securities, its representative in Vietnam.

Elsewhere, other startups including Vietnam-based proptech startup Rever is reported to be raising $8-10 million in the new funding round. Meanwhile, South Korea’s STIC Ventures-backed hotel booking platform Go2Joy Vietnam has raised $2.3 million in a Series A+ funding round led by HB Investments, as reported by newswire Dealstreet Asia.

Vietnamese startups such as VNPay, Tiki, Yeah1, and others began to rise in popularity in 2019, raising $1 billion that year. Investors have since returned to Vietnam in the second quarter of 2020 thanks to the recovery of the economy and positive GDP growth in the country.

Le Hoang Uyen Vy, CEO of Do Ventures, said this year’s investment prospects should be bright for Vietnamese startups, especially in healthcare and fintech.

She noted that Vietnamese startups mainly raise venture investment capital from South Korean, Japanese, and Singaporean funds, and there is a high potential to attract investment from American venture capital funds.

“Hopefully, after the pandemic, Vietnamese startups will secure more deals from global funds, and Do Ventures is committed to supporting Vietnamese startups during this challenging time,” Vy added.

In another case, domestic AI startup Palexy picked up $1 million in funding in December to help offline stores achieve e-commerce-like success through real-time consumer data. The round, co-led by Do Ventures and Access Ventures, will fuel Palexy’s expansion across Asia and the Middle East this year.

500 Startups, the most active venture capital investor in Vietnam, made 15 new investments in 2020, increasing its portfolio to more than 70 companies. 500 Startups aims to reach its target of 80 companies invested in cumulatively in 2021.

“In the past five years, the tech entrepreneurial ecosystem has evolved even faster than we could have even imagined. And yet there’s still a lot of room to run and grow,” said Eddie Thai, general partner at 500 Startups. He cited a survey conducted in late 2020 about priority markets for venture capitalists in Southeast Asia. For the first time, Vietnam was ranked top, ahead of Indonesia.