VinVentures has released the report “Vietnam Technology and Venture Investment Outlook 2025: Redefining Growth for the New Era,” noting that Vietnam’s venture investment market remained in a consolidation phase in 2025. The market recorded about 41 deals with total deployed capital of around $215 million, down 30% from the 2021 peak.
The report says capital is increasingly concentrated in late-stage rounds, typically ranging from $5–$10 million for companies with demonstrated market traction. It also highlights a more selective approach to sector allocation, with funding directed toward areas viewed as having higher certainty, including EdTech, ClimateTech, and retail—particularly e-commerce—reflecting private-equity–like investment styles.
Top deals in Vietnam’s venture market in 2025
According to the report, 10 standout deals accounted for about 72% of the value of venture investments in Vietnam in 2025:
- Coolmate: $22.34 million (Series B+); Fashion e-commerce. Raised $22.34 million in a Series B+ round. Estimated 2025 revenue is about $35.5 million (around VND 850 billion). The brand served 1.2 million customers and sold more than 5.7 million items in the year. The company plans to use new funds to expand “Go Women,” “Go Offline,” and international markets, targeting international revenue to reach about 50% of total revenue by 2030.
- Manabie: $22.26 million (Series A); Education technology. The platform recorded over 350,000 app downloads in its first year and operated around 30 technology-enabled learning centers in Vietnam. Manabie developed an in-house LMS integrating online learning and classroom management. Revenue comes from platform usage fees and tuition.
- Dat Bike: $22 million (Series B+); Electric motorcycles. Founded in 2019, Dat Bike reports a fivefold increase in production capacity in 2024 and operates a 3S showroom network across major cities. Current capacity is about 30,000 motorcycles per year, targeting 100,000 by end-2026. In August 2025, it posted its first positive monthly operating profit.
- CME Solar: $20 million (Pre-Series A); Industrial rooftop solar. CME Solar provides solar solutions for manufacturing facilities using a B2B model with long-term power purchase agreements (PPAs). The company says it has deployed almost 160 MW of rooftop solar in Vietnam.
- OKXE Vietnam: $14.5 million (Series A); Motorcycle marketplace. Founded in 2018, OKXE has over 8.2 million downloads, connections with more than 2,130 dealers, and about 1.5 million regular users. The company combines marketplace services with integrated financing, building inspection systems and partnering with banks to offer financing.
- Orochi Network: $12 million (Seed); Blockchain infrastructure. Orochi provides decentralized data verification solutions for international Web3 projects, with partnerships across more than 80 blockchain platforms, dApps, and enterprises. The platform supports more than 40 global blockchain projects.
- Ephyra (GameBeast): $10.5 million (Series A); Game development. Ephyra focuses on owning IP, with revenue from in-app purchases and ads. After the Series A, the company plans to expand international marketing.
- AI Hay: $10 million (Series A); AI-powered app search platform. AI Hay offers a freemium model and paid enterprise SaaS, plus AI integration services for businesses. Since launch in June 2024, it has over 10 million app downloads, processes more than 100 million queries per month, and has earned a 4.8/5.0 rating from over 140,000 users.
- Galaxy Education: $10 million (Pre-Series A); Online education. Galaxy Education serves hundreds of thousands of learners annually through exam-prep and online learning platforms. The company says it has served over 8 million learners in Vietnam and 34 countries, and has started to achieve EBITDA profitability in Q1 2025.
- Kyna English: $10 million (Series B+); Online English training. Kyna English uses AI-assisted personalization and offers long-term online courses for both adults and students, with revenue from tuition and long-term programs.
What the report says about funding direction
The VinVentures report points to a trend toward more selective funding in 2025, with an emphasis on platforms and businesses that show clear traction and the potential to scale regionally.
