Live video streaming startup GoStream secures 7-digit funding
GoStream, a fast-growing Vietnamese startup that provides multi-platform livestream broadcaster for social sellers, marketers, and content creators, has announced that it has secured a US$7-digit funding from VinaCapital Ventures to help expand its business.
Speaking at the signing ceremony of the deal in the central province of Nghe An on January 15, Trung D. Hoang, a partner at VinaCapital Ventures, commented “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 digitalisation.”
Founded in 2017, GoStream is an easy-to-use platform for any type of user, even for those with little or no technical knowledge. It enables users to reach large audiences from different platforms to increase visibility and get more views. Currently, the company is serving multiple corporate clients and facilitating over 100,000 livestreaming sessions daily.
GoStream is dedicated to providing interactive experience that encourages viewers’ participation in live videos, increasing their engagement and contributing to the building of a larger and more loyal community that follows a user’s content.
Marketwise, social networks are recognised as 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, Vietnam’s digital economy reached US$14 billion and is expected to grow into US$52 billion in 2025, according to a recent report by Google, Bain & Company, and Temasek.
Last November, GoStudio - a product of GoStream Technology Joint Stock Company – won the first prize at VIETNAM TECHFEST 2020. The contest’s organising board recognised the product’s ease-of-use and adaptability to a range of online channels, including social commerce (livestream commerce), online training (e-learning), and online entertainment (live gameshows). This becomes especially important in the context that the COVID-19 pandemic is sweeping the world. GoStudio does not require software downloading or installation, and it is stable and compatible with popular web browsers, enabling more users to apply livestreaming across various sectors.
Launched in 2018, VinaCapital Ventures is a US$100 million technology investment platform investing in the next generation of promising Vietnamese and Southeast Asian start-ups. 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. Its team combines a diverse set of skills and experience, ranging from entrepreneurship, product marketing, operational management, and technology strategy to developing client bases, deal making and capital raising. VinaCapital Ventures is part of VinaCapital, one of Vietnam’s leading asset management companies with over US$3 billion under its management, addressed at https://ventures.vinacapital.com.
