1. SECOND STARTUP WAVE IN VIETNAM:
5 NEW INVESTMENT TRENDS
Vietnam2020: Connecting Business 2.0 Conference
Singapore, 7/2013
PHAM Minh Tuan, PhD
Founder & CEO, TOPICA Education Group
Tran Manh Cong
Co-Director, Topica Founder Institute

2. TOPICA Education Group
High-quality Online University Programs
• 7 University Partners Including Top-tier
• Bachelor’s of Business, Accounting,
Banking, Law, IT
• Expanding into Indonesia,
Philippines, Thailand
Bill Gates & Deputy PM Phạm Gia Khiêm
Launching TOPIC64, 4/2006
Education Minister of Victoria, Australia
Teaching TOPICAAmazing, 6/2012
Graduates of TOPICA
Founder Institute, 2012
English Training Franchise for Kids
Based on Online Game
• 12 Franchisees
• Official Test Provider for Min. of
Education’s
Internet English Olympics (IOE)
Vietnam Chapters of Silicon-Valley
Accelerator Network
• 16 Graduates: Appota, Biaki,
Tapmee, Yton...
• Who’s Who of Accomplished
Founders Served as Mentors
Finalist, 2007
INTERNATIONAL
AWARDS
Winner, 2011Finalist, 2008
Young Global Leader
Honoree, 2012
Team: 250 Full-time; 100 Part-time; 1100 Industry Instructors

3. VNG (Vinagame)
• 4/2013: New shares issued to Founder at USD 200m valuation
• Founder Le Hong Minh’s net worth comparable to Top 15 on VN Exchanges
• 8/2010: Goldman Sachs, Tencent bought shares from IDGVV
• IDG Chairman McGovern: 75x return on 2004 Series A investment
Vatgia
• Rumored valuation of last round: $75m (Mitsui, Japan)
• 9/2011: Called by Tetsuiya Mori (MD DeNA Holdings) “Largest E-commerce company in SEA”
2013 Q1: Smaller Exits
• Vietnamworks: USD 20m full exit to En-Japan
• Nganluong (payment): 50% stake with partial exit (amount undisclosed) to MOL (Malaysia)
• Kiemviec.vn (jobs): full exit (amount undisclosed) to CareerBuilder (US)
VMG Media
• 8/2011: NTT-Docomo bought 25% stake, valuation USD 75m, 2.5x return in 1 year
• 2010: 6 funds bought stakes at ~USD 30m valuation
Punch Entertainment
• 9/2011: DeNA acquired, valuation USD 37m (rumored)
BAO GIỜ SÓNG ĐẾN ĐÂY?
Success Stories of the First Wave
Are Encouraging a Second Wave of Startups

4. 4
Trend 1: Startup Investing is
NOT Slowing Down, Although Deals Are Smaller
 2013 H1: 13 Deals + some undisclosed
 2012: 24 Deals
 2011: ~10 Deals

5. 5
Trend 2: Amidst OTT War,
E-Commerce, Mobile, Edtech Getting Hot
Out of 37 Disclosed Deals During 2012 - 2013 H1:
 E-Commerce: 7 Deals (not including Rocket Internet)
 Mobile apps: 5 Deals
 Edtech: 5 Deals
 Online Payment: 3 Deals (but only 2012)

6. 6
Trend 3: Funding Startups Targeting
Global/Regional Markets Rather than Domestic
 2012-2013 H1: 4 deals into startups targeting global markets
 Previously: Almost none

7. 7
Trend 4: Investors from
Japan/Europe Are Taking Over
Investors from: Japan Europe US Vietnam
2013 H1 Deals 3 1 4 5
2012 Deals 4 6 3 10
2004-2011 Deals ~12 Few >50 Few
 Where are the Singaporean Investors?

8. 8
Trend 5: Strategic Investors
Are Bypassing VCs & Angels
 6 Early Stage Investments by Strategic Investors (2012 - 2013 H1)
 Are VCs & Angels Not Supposed To Make Money in the Middle?

9. 9
Topica’s Contribution to
Developing the Startup Community
 Organized and supported
40 events, ~7,000 participants
(with grants from World Bank Infodev)
 Served on Steering Committee of 2
largest Online Communities for startups:
Launch (8k members),
Mobile Monday (4k members)

10. 10
Mentors
Graduates

11. SECOND STARTUP WAVE IN VIETNAM:
5 NEW INVESTMENT TRENDS
Vietnam2020: Connecting Business 2.0 Conference
Singapore, 7/2013
PHAM Minh Tuan, PhD
Founder & CEO
TOPICA Education Group