The newly released report “Vietnam Technology and Venture Capital Outlook 2025” highlights a sharply polarised startup landscape, where overall funding slowed but capital flowed strongly into top tier companies.
10 Vietnamese startups raised VND 4 trillion in capital (Photo: DT).
Leading the list was Coolmate, a direct to consumer ecommerce brand, which secured USD 22.34 million in its Series B+ round.
With estimated revenue of USD 35.5 million and a customer base of 1.2 million, the company is accelerating its global expansion, targeting overseas markets to contribute 50 per cent of revenue by 2030.
Second place went to Manabie, which raised USD 22.26 million in a Series A round. The education technology platform operates 30 learning technology centres and has recorded more than 350,000 app downloads.
Electric motorbike manufacturer Dat Bike ranked third with USD 22 million raised in its Series B+ round. The firm reported its first positive operating profit in August 2025 and plans to use the new capital to scale production capacity to 100,000 vehicles per year by the end of 2026.
The list also included CME Solar, which secured USD 20 million, along with six other startups in blockchain, gaming and education that each raised between USD 10 million and USD 15 million.
Despite these standout deals, the report noted that Vietnam’s venture capital market remained affected by the global funding downturn. The total number of transactions fell to 41, with disbursed capital estimated at USD 215 million, down 30 per cent from the 2021 peak.
Notably, the ten largest deals alone represented nearly three quarters of total investment, signalling a clear shift toward later stage funding rounds of USD 5 million to USD 10 million or more, as investors prioritise proven business models and scalable ventures.
