Vietnam’s technology ecosystem secured a total funding of $35.7 million in the first quarter of 2024, as indicated by a report unveiled by Tracxn Technologies on April 2.
The funding amassed during Q1/2024 marked a 39 percent decrease from the $58.6 million raised in the corresponding period of 2023, yet it showcased a remarkable 467 percent surge compared to the $6.3 million raised in Q4/2023.
Vietnam positioned third in terms of funding raised among Southeast Asian countries during Q1/2024, trailing behind Singapore and Indonesia, whereas it occupied the fourth spot in Q4/2023.
Early-stage funding in Q1/2024 amounted to $31.2 million, contrasting with Q4/2023, which witnessed no funding rounds at this stage. Nevertheless, this figure represented a 47 percent decline from the funding of the same period last year.
In Q1, seed stage funding totaled $4.5 million, whereas notable funding was absent in Q1/2023. Nonetheless, this marked a 29 percent decrease compared to the $6.3 million raised in Q4/2023.
Trancx highlighted the absence of late-stage funding in this space over the past three quarters.
BE GROUP, a platform facilitating bookings for motorbikes, cars, air tickets, and swift deliveries, secured $31.2 million in a series B round, marking the most substantial funding round in 2024.
Autotech, edtech, and enterprise applications emerged as the top performers in terms of funding in the Vietnamese technology sector. Whereas Q4/2023 witnessed no significant funding in autotech and edtech sectors, Q1/2024 saw $31.2 million and $2.5 million respectively.
Conversely, real estate and construction tech, as well as the retail sectors, failed to attract any funding in Q1/2024. Funding for enterprise applications declined from $4 million in Q4/2023 to $1.5 million in Q1/2024.
Vietnam’s technology landscape witnessed no unicorn or IPOs in Q1, mirroring the scenario in Q1 and Q4 of 2023.
CyberAgent Capital, Inc., Nextrans, and Vietnam Silicon Valley Foundation emerged as the top investors in this domain overall, while Northstar Ventures UK, Monk’s Hill Ventures, and R2 Venture Partners led in seed investments during Q1/2024.