Getting 100% growth from COVID-19, Vietnam’s Voiz FM receives 500 Startups backing

Xuan Thinh Sunday | 05/31/2020 10:56

Voiz FM, Vietnam's audiobook and podcast network, which reported 100% growth when the country applied social distancing campaign, said it has received an undisclosed amount of seed funding from 500 Startups.

The Vietnamese startup has announced it has successfully raised the funding from 500 Startups. But value of the deal was not disclosed, said Tech in Asia.

Voiz FM online audio content was launched in September 2019 and officially launched two months later. Since after the launching, the app made a rapid development since the COVID-19 was reported in early 2020.

It doubled the number of users in just 4 weeks. The company said that it plans to use the new funds over the next 12 months for product growth and expansion into other markets in Southeast Asia.

"Our product roadmap includes the launch of a recommendation algorithm in early July and an AI voice feature in October this year that will allow users to select their favorite voices for all titles," Thai Tran, co-founder and CEO, told Tech in Asia.

The company plans to focus on the rising demand for audiobooks and podcasting, which this year is estimated to be worth a total of $4.6 billion.

Currently it has over 1,000 best-selling books on its website to keep its users entertained.

Voiz FM founders with 500 Startups Vietnam team / Photo credit: 500 Startups

This startup was developed by 3 Vietnamese founders Tran Ngoc Thai, Le Hoang Thach and Lam Huy Vu, who want to exploit the potential of the online audio market. The founding team members worked in content products aiming at young consumers for IT companies, large consumer groups such as Unilever, Masan.

Voiz FM is developing its own Artificial Intelligence tool to shorten the time and cost of content production, while serving the needs of choosing the voice according to the user's preferences.

The group plans to expand to other Southeast Asian markets.

Since its inception in 2010, 500 US-based startups have generated investments in more than 74 countries for thousands of entrepreneurs. Its portfolio includes prominent companies such as Snatch, Carousell and Credit Karma.

Its Vietnam-focused arm alone has invested in over 60 startups including blockchain-based game Axie Infinity, ApplyBoard edtech platform and Copper Cow Coffee coffee brand.

Source: Tech in Asia