Vietnam-based live video-streaming platform GoStream announced that VinaCapital Ventures has invested US$1 million in the company to help it expand its business.
Launched in 2017, GoStream is a multi-platform livestream broadcaster for social sellers, marketers, and content creators.
It enables users to reach a larger audience from different platforms to increase visibility and get more views.
Currently, the platform claims to facilitate over 100,000 livestreaming sessions daily and also serve corporate clients.
In 2019, GoStream was listed by Facebook as one of the 30 most used livestreaming platforms in the world for 30 days.
GoStudio, a product of GoStream, won 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.
“We look forward to working with GoStream as they further expand their capabilities and play an even greater role in Vietnam’s growing digitization,” Hoang Duc Trung, a partner at VinaCapital Ventures, said in a statement.
The startup previously also received $200,000 in investment from VinaCapital Ventures and Zone Startups Vietnam in the seed round.
VinaCapital Ventures, an asset management company with over $3 billion in assets under management, said it will invest further in Vietnam’s digital economy, which is expected to grow to $52 billion by 2025.
Revenue in the video-streaming segment in Vietnam is poised to reach $162 million in 2021, according to data by Statista.
Earlier in 2020, VinaCapital Ventures had also backed Vietnam-based facial recognition firm Wee Digital and Homebase, a proptech startup.