Vietnam-based digital media startup Vietcetera has bagged $2.7 million in a pre-Series A funding round led by media-focused VC firm North Base Media, according to a statement.
Gojek’s corporate VC arm Go-Ventures, Indonesian early-stage investor East Ventures, Philippine-based Summit Media, Tokyo-based Genesia Ventures and Z Venture Capital Corporation, Singaporean and Vietnamese family offices joined the round.
Founded in 2016, Vietcetera claims it has reached an audience of more than 20 million users per month, mostly from Vietnam. Its advertising customers include multinational firms such as AIA Life Insurance, Google, Facebook, Nestlé, and Mastercard, as well as Vietnamese majors such as Vingroup and Tiki.
Vietcetera co-founder and CEO Hao Tran said the startup will use its new funding to strengthen content by adding new shows and podcasts targeting the country’s emerging middle class; enhance its mobile application; invest in business intelligence, franchise and content licensing, and make acquisition deals.
“North Base Media seeks out high-quality, well-run media companies serving new audiences in markets where demand for content is rising as more and more people get smartphones and access to mobile data,” NBM co-founder and managing partner Saša Vučinič said.
In March this year, Vietcetera had raised seed financing from Genesia Ventures, Hustle Fund and angel investors. Tran told DealStreetAsia that the startup plans to raise the next round of funding in 18-24 months, seeking a few million US dollars.
Vietcetera transaction marks the first Vietnamese deal for ZVC, North Base Media and Summit Media.
ZVC, the investment unit of Japanese internet service group Z Holdings Corporation, is the successor of YJ Capital that was merged with LINE Ventures earlier this year, creating a new 30 billion yen ($271 million) fund.
ZVC targets investments in healthcare, cybersecurity, and B2B software, and in opportunities that complement Z Holdings’ three core business areas of commerce, media, and fintech.