HCMC – Vietnamese livestream startup GoStream, which provides multi-platform livestream broadcaster for vendors, marketers and content creators, has secured millions of dollars in investment from VinaCapital Ventures, a tech-focused venture capital fund of VinaCapital.
GoStream was founded by three experienced engineers in 2017. It is an easy-to-use platform for any type of user, enabling them to reach large audiences from different platforms to increase visibility and get more views.
GoStream is dedicated to providing an interactive experience that encourages the participation of viewers in live videos, increasing their engagement and contributing to the building of a larger and more loyal community that follows a user’s content. The company serves multiple corporate clients and facilitates over 100,000 livestreaming sessions daily.
GoStudio, a product of GoStream, won the first prize at the Vietnam Techfest 2020 last November. The contest’s organizing committee recognized the product’s ease-of-use and adaptability to a range of online channels, including social commerce, online training and online entertainment. This became especially important as the Covid-19 pandemic swept the world.
Social networks have become one of the most common channels for online shopping in Vietnam, second only to e-commerce sites.
According to PwC Social Surveys, Vietnam ranked seventh in the world in the number of Facebook users with 68 million or 68.7% of the country’s entire population. In 2020, the country’s digital economy reached US$14 billion and is expected to grow to US$52 billion in 2025, according to a recent report by Google, Bain & Company and Temasek.
“We are excited to invest in GoStream, which has been leading the way in integrating livestreaming across a number of sectors. Their innovative streaming technology is helping more businesses reach more viewers and customers, and we look forward to working with them as they further expand their capabilities and play an even greater role in Vietnam’s growing digitalization,” Hoang Duc Trung, a Partner at VinaCapital Ventures, said at the signing ceremony of the deal on January 15.
Launched in 2018, VinaCapital Ventures is a US$100 million technology investment platform investing in the next generation of promising Vietnamese and Southeast Asian startups. Its mission is to help develop strong technology companies in Vietnam and assist them in building a regional presence. In supporting entrepreneurs, VinaCapital Ventures offers capital, network and mentorship.
By Minh Tam