Monday , December 11 2023

Singaporean tech unicorn to increase investment in Vietnam

Insider, a Singapore-based marketing tech company that recently raised US$121 million in a series D funding round, said Thursday it would invest a quarter of that in Vietnam.

Besides investment in development, it would also expand its payroll in Vietnam by 200 this year, it said.

Jack Nguyen, its manager for Southeast Asia, said the growth rate in the Vietnamese market has been 80-100 percent in each of the last five years.

Rating Vietnam as an “extremely promising” market, the company increased its investment in the country amid strong post-Covid-19 digital transformation.

A report by the British marketing and advertising agency We Are Social said as of January this year 73.2 percent of Vietnam’s 98.5 million people had access to the Internet.

On its website, Insider says it “helps marketers connect customer data” with their AI-driven marketing engine across messaging channels by predicting future behavior and creating individualized predictions for customers based on their historical data.

Founded in 2012, Insider is now valued at $1.22 billion after the funding round. It has become the second B2B Software as a Service (SaaS) tech unicorn in Asia.

Its representative office in HCMC was set up in 2017 with 35 employees. Globally it employs more than 700 people in 28 countries.

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