Digital media startup raises another $2.7 mln

Vietcetera, a digital media startup, raised $2.7 million in a pre-series A round last month after earlier raising $700,000 in March.

The pre-series A round was attended by U.S. venture capital firm North Base Media, Indonesian investment company Go-Ventures and early-stage venture capital firm East Ventures, Philippine digital lifestyle network Summit Media, Japanese venture capital firms Genesia Ventures and Z Venture Corporation.

Vietcetera plans to use the money to expand its content catalog by adding new shows and podcasts, and further developing its mobile app.

In March, Genesia Ventures had led the seed funding round with an investment of $700,000.

Established in 2016, Vietcetera produces content in Vietnamese and English, ranging from articles about business and stories about lifestyles to podcasts.

Vietcetera said it has over 20 million users a month, mostly from Vietnam, of whom 60 percent are women. It also said it has witnessed “rapid audience and revenue growth” as users in Vietnam, especially from Gen Z (those born in 1996 or later), demand high-quality multimedia content.

One of Vietcetera’s most viral content is a rap music video featuring former U.S. ambassador to Vietnam, David Kritenbrink. The video was released in February to welcome the Lunar New Year.

According to a report by Google, Temasek Holdings Pte and Bain & Co, Vietnam’s digital media market is expected to surge to $7billion in 2025 from $3.3 billion in 2020, and its digital economy to $52 billion, including $29 billion from e-commerce, from $14 billion.