Vietnamese co-working space CirCO raises funding from East Ventures
Jul 25, 2018
Vietnam’s co-working space operator CirCO has raised an undisclosed sum of the seed funding round from South East Asia-focused venture capital firm East Ventures, according to a statement.
This investment, which will support CirCO’s expansion plans, is the first from East Ventures in Vietnam.
Founded in late 2016, CirCO targets startups, small and medium-sized enterprises and foreign companies entering Vietnam market. CirCO is now operating three expansion projects at two locations in Ho Chi Minh City central business districts.
“New businesses launched every year, high technology adoption and direct investments are key factors to transform Vietnam to be an innovation hub of Southeast Asia. We believe with these key market drivers, co-working space will be a fast-growing sector,” said Linh Hoang, Cofounder & CEO of CirCO.
He said the investment will be used to accelerate CirCO’s expansion plan, improve quality of services and corporate branding.
“We believe that co-working spaces are a natural extension of any startup ecosystem…CirCO is on the right track to becoming one of the main hubs for the growing startup ecosystem in Vietnam,” said Willson Cuaca, Managing Partner of East Ventures.
CirCO currently offers flexible offices and shared working space for startups, small and medium-sized companies and freelancers. It is not just a workplace, it’s also about the community and collaboration.
East Ventures is an early stage venture fund focused on Southeast Asia and Japan. The VC firm has over 100 portfolio companies in this region, placing it amongst the largest seed investors in Southeast Asia. It also has holdings in three of the seven unicorns in this region – Traveloka, Tokopedia and Grab (via Kudo which the ride-sharing firm had acquired last year). On an average, it invests in about 20 companies annually.
DEALSTREETASIA earlier reported that East Ventures is planning a $100-million seventh fund and is slated to raise this vehicle in 2018. This will mark the largest fund by East Ventures, which has been active in this region since 2010.