Vietnam’s Appota raises Series C, valuation closing in on US$50M

Kevin McSpadden
appota_seriesC_funding

The two firms involved are both South Korean, but bring unique qualities to the deal

Appota Group, a Vietnamese mobile-based platform company, announced today it has closed an undisclosed Series C round from Korea Investment Partners and Mirae Asset Venture Investment.

According to Appota Founder and CEO Do Tuan Anh, the investment puts the company’s valuation at “approaching US$50 million”.

“Besides much-needed capital to fortify our platform and scale our services, KIP (Korea Investment Partners) and Mirae contribute their extensive and active network together with their profound knowledge in the gaming market, social network, and financial tech to help Appota expand with confidence to other parts of Asia,” said Do.

Appota is best known as a mobile game publisher and ranks in the top-three for Vietnam.

However, the company is also pursuing adtech and fintech. It has a mobile advertising platform called Adsota and mobile payments platform named Appota Pay. The company plans to accelerate both with the Series C.

The company claims to have over 30 million users (5 million being monthly-active-users) and has partnered with 15,000 developers, advertisers and merchants.

Dynamic duo

The two investment firms are a fairly interesting combination.

Korea Investment Partners is a successful South Korean VC with an impressive track record. Its portfolio includes Kakao, Naver and Super Evil. This is Korea Investment Partners’ first foray into the Vietnamese market.

“Appota’s team with international exposure and proven track records has broken the wall of uncertainty and boosted our confidence to invest,” said Sang-Ho Park, Executive Director of the Investment Division, in an official statement.

The other investor, Mirae, is a massive diversified investment company (with about 270 companies in its portfolio). The company has around US$90 billion under management.

Mirae has a global presence (including an office in Ho Chi Minh) and employs over 100 investment professionals. This is not Mirae’s first deal in Vietnam but it is the company’s pioneer investment in the country’s tech scene.

Appota previously raised a Series A round from VNP-Group in 2012 and a Series B from Golden Gate Ventures and GMO Global Payment Fund in 2014.

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