Vietnamese start-up secures funding from RoK investment funds
Wednesday, 2017-04-05 05:29:02
NDO - Vietnam-based mobile platform provider, Appota, announced on April 5 that it has successfully raised an undisclosed funding for its series C round from two investment funds from the Republic of Korea (RoK) namely Korea Investment Partners (KIP) and Mirae Asset Venture Investment (MAVI).
After five years of entering the market, Appota successfully called on funding for three rounds with a total sum close to US$10 million.
Earlier, the mobile platform provider received funding from Vietnamese VNP-Group for series A in 2012 and from Japan's GMO Global Payment Fund and Golden Gate Ventures for series B in 2014.
Following the series C, KIP Director of Investment at the Seoul-headquartered fund, Sang-Ho Park will join Appota’s board of directors.
This round marked a first in terms of a Vietnam-based technology start-up securing funding from RoK investment funds.
Founder and CEO of Appota, Do Tuan Anh, said that the investment from this round raised the company's valuation close to US$50 million.
He noted that KIP and MAVI would not only provide necessary funding for Appota to consolidate its platform and expand the scale of its services, they will also provide a network of potential partners and profound knowledge in the gaming market, social networking and financial technology, creating a solid premise for Appota to expand its business to Asia.
As one of the three largest mobile game publishers in Vietnam, Appota has offices in Hanoi, Ho Chi Minh City, Indonesia and Singapore.
The company has become one of Google’s four partners in Asia to deploy the giant’s Mobile Ad Exchange platform in Vietnam. It also has 30 million local and international users and five million monthly active users.