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Sunday, June 16, 2024

Stringee receives Series A financing from DSVGF

The Saigon Times

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HCMC – Local communication platform start-up Stringee JSC has successfully secured the first round of initial investment from DAIWA-SSIAM Vietnam Growth Fund III L.P (DSVGF), a private equity fund investing primarily in private and non-listed domestic companies.

DSVGF’s decision was attributed to Stringee’s outstanding growth in recent years and its solid technology base, said Shigeki Kanemoto, representative of Japan’s Daiwa Corporate Investment, one of the firms that runs the DSVGF.

Stringee plans to use the capital to provide local businesses with digitization solutions and launch its operations in the U.S. and India.

Founded in 2017, Stringee provides customers a wide range of cutting-edge solutions to integrate text, voice chat and video calling into their applications and websites.

The firm previously secured an investment of US$2 billion in a Pre-Series A funding round. It has posed a growth of 400% ever since, Stringee said in a statement.

Series A investment is the first round after the seed funding, the official equity financing stage of businesses. During this phase, investors consider both business ideas and their feasible strategy for realizing potential profits.

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