EXCLUSIVE: VIETNAM’S #FASTGO SEEKS TO RAISE $50M SERIES-B TO TAKE ON #GRAB, #GOJEK
Ride-hailing startup FastGo, which is positioning itself as Vietnam’s answer to Grab and Go-Jek, is seeking to raise $50 million in its Series B round to fight competition in the country, CEO Nguyen Huu Tuat told DEALSTREETASIA. FastGo, officially launched in June 2018, is a unit of NextTech Group, the company behind one of Vietnam’s first e-commerce and payment platforms. Tuat said the company expects to close the funding in the first quarter of 2019. The planned fundraising is also aimed at accelerating regional expansion, with Indonesia and Myanmar as FastGo’s first two international markets. “We chose these two markets as we have relevant strategies for them in place. We will roll out services in Myanmar by this year-end,” Tuat said. The company recently secured an undisclosed amount of funding from VinaCapital Ventures, the $100-million tech-focused venture arm of local fund manager VinaCapital. The Vietnamese investment firm is also helping FastGo connect with potential investors. In a statement last month, VinaCapital Ventures said its typical ticket size would be $2–10 million.
