Here's a detailed analysis of top #BusinessModels in https://tracxn.com/platform/file-manager/file/ZmlsZUlkPVBXM1h4Sk53ZEJ6YTh0LWZMQkFtZ2kzaGk0X2JIV1gyVXduQjFMUVBXVnM%3D Get these reports of any geography delivered to your mailbox for free! Subscribe

1. TRACXN TOP BUSINESS MODELS REPORT
October 20, 2023
VIETNAM TECH

2. Vietnam Tech - Top Business Models Report Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Contents
Vietnam Tech Funding Overview 3
Top Funded Business Models 4
One Pagers 6
Appendix 23
2

3. Vietnam Tech - Top Business Models Report Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Funding in last 1 year
3
Pharmacy IT $51.5M
Genomics $21.0M
Alternative Lending $17.1M
Online Grocery $17.0M
Electric Vehicles $11.0M
Internet First Media $2.3M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Touchstone Partners
Asian Development Bank
AgFunder
2
1
1
Early
Stage
TNB Aura
Blauwpark Partners
Do Ventures
3
2
2
Late
Stage
TV Tokyo Holdings 1
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Thuocsi
(2018, Ho Chi Minh City)
$51.5M - Series B
Gene Solutions
(2018, Ho Chi Minh City)
$21.0M - Series B
Telio
(2018, Hanoi)
$15.0M - Series B
Gimo
(2019, Hanoi)
$12.0M - Series A
Timo
(2015, Ho Chi Minh City)
$10.0M - Series B
Dat Bike
(2018, Thu Dau Mot)
$8.0M - Series B
Vuihoc.vn
(undefined, Hanoi)
$6.0M - Series A
MFast
(2017, Ho Chi Minh City)
$6.0M - Series A
Gimo
(2019, Hanoi)
$5.1M - Series A
Cooky
(2015, Ho Chi Minh City)
$4.5M - Series A
Selex
(2018, Hanoi)
$3.0M - Seed
Tepbac
(2012, Ho Chi Minh City)
$2.3M - Seed
Ho Chi Minh City (67%)
Hanoi (28%)
Thu Dau Mot (5%)

4. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Vietnam Tech - Top Funded Business Models - last 1 year (1/2)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1-- Pharmacy Supply Chain Management $51.5M 1 Thuocsi | $51.5M | Series B Link
2-- Liquid Biopsy Tests $21.0M 1 Gene Solutions | $21.0M | Series B Link
3▲10 Employee Benefits Software $17.1M 2 Gimo | $12.0M | Series A Link
4▲5 Retail internet banking $10.0M 1 Timo | $10.0M | Series B Link
5▲11 Electric Motorcycle Manufacturers $8.0M 1 Dat Bike | $8.0M | Series B Link
6-- K-12 Online Academic Courses $6.0M 1 Vuihoc.vn | $6.0M | Series A Link
7-- Recipe Discovery Platforms $4.5M 1 Cooky | $4.5M | Series A Link
8-- Electric Cargo 3W Manufacturer $3.0M 1 Selex | $3.0M | Seed Link
9-- Audiobook Platforms $1.8M 1 Fonos | $1.8M | Seed Link
10-- B2B Grocery Marketplace $1.0M 1 ODA | $1.0M | Seed Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Vietnam Tech - Top Funded Business Models - last 1 year (2/2)
5
Rank Business Model $ Funding # Rounds Top Funding Round Details
11▼3 Online Grocery Retailers $1.0M 1 Foodmap | $1.0M | Seed Link
12-- B2B Marketplace $500K 1 EkkBaz | $500K | Seed Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Pharmacy Supply Chain Management -
Vietnam
01
6
Back to index
Pharmacy IT (Medlink)
(# Cos: 8 | $63.6M)
Supply Chain Management (Thuocsi)
(# Cos: 1 | $63.5M)
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$51.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$63.5M
1
-
1
1
Thuocsi
(2018, Ho Chi Minh City, $63.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Thuocsi (2018, Ho Chi Minh City)
$51.5M - Series B - Feb 2023

7. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Liquid Biopsy Tests - Vietnam
02
7
Back to index
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$21.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$36.0M
1
-
1
0
Genomics (Genelife)
(# Cos: 13 | $38.5M)
Applied Genomics (GENETICA)
(# Cos: 13 | $38.5M)
Clinical Genomics (xetnghiemditruyen)
(# Cos: 5 | $36.0M)
Diagnostics (GENPRO)
(# Cos: 5 | $36.0M)
Sequencing-based (GENTIS)
(# Cos: 5 | $36.0M)
Liquid Biopsy (Gene Solutions)
(# Cos: 1 | $36.0M)
Gene Solutions
(2018, Ho Chi Minh City, $36.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Gene Solut.. (2018, Ho Chi Minh City)
$21.0M - Series B - Sep 2023

8. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Employee Benefits Software - Vietnam
03
8
Back to index
HRTech (Base)
(# Cos: 214 | $34.9M)
Employee Benefits (Gimo)
(# Cos: 9 | $28.5M)
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$17.1M (▲106%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$28.5M
5
-
9
1
Gimo
(2019, Hanoi, $19.0M)
VUIAPP
(2020, Hanoi, $9.5M)
Sugar Apple
(2022, Ho Chi Minh City)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Gimo (2019, Hanoi)
$12.0M - Series A - Jul 2023
$5.1M - Series A - Jan 2023

9. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Retail internet banking - Vietnam
04
9
Back to index
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$10.0M (▼50%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$30.0M
1
-
3
1
Banking Tech (VNLIFE)
(# Cos: 22 | $580M)
Internet First Banks (Cake by VPBank)
(# Cos: 6 | $30.0M)
Through Bank Partnerships (TNEX)
(# Cos: 3 | $30.0M)
Retail Banking (Timo)
(# Cos: 3 | $30.0M)
Timo
(2015, Ho Chi Minh City, $30.0M)
TNEX
(2019, Hanoi)
LienVietPostBank Mobil..
(undefined, Hanoi)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Timo (2015, Ho Chi Minh City)
$10.0M - Series B - Jul 2023

10. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Electric Motorcycle Manufacturers -
Vietnam
05
10
Back to index
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$8.0M (▲50.9%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$16.5M
1
-
1
1
Electric Vehicles (ChargeNow)
(# Cos: 9 | $21.6M)
Automaker (Selex)
(# Cos: 4 | $21.6M)
Two Wheelers (ZIO Motors)
(# Cos: 2 | $16.5M)
Motorcycles (Dat Bike)
(# Cos: 1 | $16.5M)
Dat Bike
(2018, Thu Dau Mot, $16.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Dat Bike (2018, Thu Dau Mot)
$8.0M - Series B - Nov 2022

11. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
K-12 Online Academic Courses - Vietnam
06
11
Back to index
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$6.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$8.0M
3
-
24
0
K-12 EdTech (Marathon Education)
(# Cos: 177 | $62.6M)
B2C Learning Solutions (Edupia)
(# Cos: 106 | $42.6M)
School Curriculum (Rockit Online)
(# Cos: 56 | $8.5M)
Multi Subject (Hocmai)
(# Cos: 49 | $8.5M)
Online Courses (Vuihoc.vn)
(# Cos: 24 | $8.0M)
Vuihoc.vn
(undefined, Hanoi, $8.0M)
Hocmai
(2007, Hanoi)
VietJack
(2015, Hanoi)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Vuihoc.vn (Hanoi)
$6.0M - Series A - Jul 2023

12. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Recipe Discovery Platforms - Vietnam
07
12
Back to index
Food Tech (Foody)
(# Cos: 88 | $10.0M)
Recipe Discovery (Cooky)
(# Cos: 14 | $5.5M)
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$4.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$5.5M
1
-
14
0
Cooky
(2015, Ho Chi Minh City, $5.5M)
365 DELICIOUS Dishes E..
(2019, Tan Binh)
day nau an ngon
(2015, Ho Chi Minh City)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Cooky (2015, Ho Chi Minh City)
$4.5M - Series A - Nov 2022

13. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Selex (2018, Hanoi)
$3.0M - Seed - Apr 2023
Electric Cargo 3W Manufacturer -
Vietnam
08
13
Back to index
Electric Vehicles (ChargeNow)
(# Cos: 9 | $21.6M)
Automaker (Dat Bike)
(# Cos: 4 | $21.6M)
Three Wheelers (Selex)
(# Cos: 1 | $5.1M)
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$3.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$5.1M
1
-
1
0
Selex
(2018, Hanoi, $5.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

14. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Audiobook Platforms - Vietnam
09
14
Back to index
Book Tech (Handy Library)
(# Cos: 49 | $2.9M)
Audio Books (Fonos)
(# Cos: 6 | $2.9M)
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$1.8M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$2.9M
1
-
6
1
Fonos
(2019, Ho Chi Minh City, $2.9M)
Addicted to Stories
(2018, Ho Chi Minh City)
SACHNOI.ASIA
(2017, Ho Chi Minh City)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Fonos (2019, Ho Chi Minh City)
$1.8M - Seed - Nov 2022

15. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
B2B Grocery Marketplace - Vietnam
10
15
Back to index
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$1.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.0M
1
-
2
0
B2B E-Commerce (EkkBaz)
(# Cos: 54 | $56.6M)
Food & Beverages (Kamereo)
(# Cos: 9 | $47.6M)
Groceries (Telio)
(# Cos: 5 | $47.6M)
Multi Category (Aimuatuiban)
(# Cos: 2 | $1.0M)
Marketplace (ODA)
(# Cos: 2 | $1.0M)
ODA
(2019, Ho Chi Minh City, $1.0M)
Aimuatuiban
(undefined, Ho Chi Minh City)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
ODA (2019, Ho Chi Minh City)
$1.0M - Seed - Dec 2022

16. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
Online Grocery Retailers - Vietnam
11
16
Back to index
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$1.0M (▼92.9%)
1(▼66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$16.6M
6
-
32
0
Online Grocery (Telio)
(# Cos: 79 | $69.7M)
B2C Ecommerce (Mio App)
(# Cos: 64 | $22.1M)
Multi Category (Rino)
(# Cos: 45 | $16.6M)
Retailer (Foodmap)
(# Cos: 32 | $16.6M)
Foodmap
(2018, Ho Chi Minh City, $4.5M)
Rino
(2022, Ho Chi Minh City, $3.0M)
Mio App
(2020, Ho Chi Minh City, $9.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Foodmap (2018, Ho Chi Minh City)
$1.0M - Seed - Jun 2023

17. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Recent Funding Rounds
EkkBaz (2021)
$500K - Seed - Dec 2022
B2B Marketplace - Vietnam
12
17
Back to index
B2B E-Commerce (Telio)
(# Cos: 54 | $56.6M)
Horizontal (EI Industrial)
(# Cos: 16 | $1.2M)
Marketplace (EkkBaz)
(# Cos: 6 | $500K)
Taxonomy
$ Invested in last 1 year in Vietnam
Tech
Key Stats
# Funding Rounds in last 1 year in
Vietnam Tech
$500K ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$500K
3
-
6
1
EkkBaz
(2021, $500K)
Karavan
(2020, Dong Da)
FuniMart
(2020, Ho Chi Minh City)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

18. Vietnam Tech - Top Business Models Report Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
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19. Vietnam Tech - Top Business Models Report Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
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20. Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Vietnam Tech - Top Business Models Report
Thank You
20
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