Vietnam-based VC firm Nest Tech VN has led a six-figure equity investment in Myanmar’s leading animation company Joosk Studio. In a separate development, Kakao Mobility, the transportation unit of South Korea’s Kakao Corp, has launched ride-hailing services in Vietnam.
Nest Tech VN invests in Joosk Studio
Vietnam-based VC firm Nest Tech VN has led a six-figure equity investment in Myanmar’s leading animation company Joosk Studio, according to an announcement.
EME, which invested in Joosk last year, also joined the round.
Joosk Studio is a creative digital animation agency founded and run by artists Thet Paing Kha and Zeyar Htet. It has worked with companies including Facebook, CB Bank and Telenor as well as NGOs, UN agencies and the World Bank Group.
Nest Tech VN’s managing partner Soe Moe Kyaw Oo has invested in a bouquet of Myanmar startups and the current funding in Joosk marks his fifth investment in the country.
Last November, Nest Tech Yangon Capital Partners invested a six-digit US dollar investment in Myanmar-based on-demand trucking platform Kone Si.
SK’s Kakao Mobility launches ride-hailing service in Vietnam
Kakao Mobility, the transportation unit of South Korea’s Kakao Corp, has launched ride-hailing services in Vietnam, Business Korea reported.
The company has launched an airport pick-up reservation service in Da Nang and Hoi An. Tourists can book a pick-up service from Da Nang International Airport to Hoi An and use Kakao Pay Payment System to pay for the services.
South Korea’s Kakao, the country’s top mobile messenger company, launched Kakao Mobility in 2017 with the aim of diversifying its business. The firm subsequently raised approximately $437 million from US investment firm TPG.
Last year, Kakao Mobility and Southeast Asia’s leading ride-hailing app Grab mulled a partnership in Vietnam via Splyt Technologies, a London-based startup Grab invested in June. The cooperation, that’s yet to be forged, is primarily to serve South Koreans visiting Vietnam.
Recently, Vietnam has finally rolled out a new set of regulations for taxi and ride-hailing services to create a level field for players.
The new law, Decree 10/2020/ND-CP that replaces the 2014 document, requires technology ride-sharing companies like Grab to put the label of “contracted car” on its driver-partner vehicles.