Stringee secures Series A funding from DSVGF

Cloud communication platform as a service (CPaaS) startup Stringee announced on April 18 it had secured Series A capital from DAIWA-SSIAM Vietnam Growth Fund III L.P (DSVGF).

The startup said the capital will help it focus on product development to support Vietnamese businesses in digitizing their communications and customer service processes and on penetrating into the US and Indian markets. Stringee has grown 400 per cent since its Pre-Series A funding round in 2021.

Mr. Shigeki Kanemoto, a representative of Daiwa Corporate Investment, said it invested in Stringee because it was particularly impressed by the growth process as well as the solid technology foundation of the startup. “With considerable experience and a global network, DSVGF will support Stringee in its subsequent development,” he added.

“The need for digital transformation in communications and customer service is increasing exponentially,” said Mr. Nguyen Phan Dung, Deputy General Director of SSIAM. “Technology solutions that improve the customer experience and shorten contact time / operations for businesses like Stringee will be widely used. Stringee understands the target market to serve and possesses huge growth potential.”

Besides serving retail and e-commerce businesses, Stringee APIs are also extremely useful for applications that require frequent interaction and communications with customers in banking and finance, insurance, car bookings, logistics, online medical examinations and consultations, and online training, etc.

Stringee currently serves over 1,000 enterprise customers in various sectors with 55 million end-users. This new investment will significantly strengthen its position as a market leader and propel the company to the Number 1 position in CPaaS in Vietnam.

“This funding round is a strong launchpad for us to continue to invest in our human resources and continuously improve product quality to create world-class software,” said Mr. Nguyen Ba Luan, COO of Stringee. “Stringee now has an office as well as customers in the US and India. The new capital injection will also expand business in these two markets.”

Released in 2017, Stringee is a communications platform (SDK/API) that provides Voice / Video Call, Chat, and SMS for quick integration into the apps / websites of businesses. It also provides StringeeX Omni-channel Contact Center software to help companies communicate with customers from many channels (hotline, video call, SMS, chat, Facebook, Zalo, email, etc.) on a single software.

In the modern business world, the difference in product quality or price is narrowing, so the competitive advantage has been redirected to attracting and retaining customers. Most large and small businesses have realized this fact and are investing more in building a professional customer service system while establishing various communication channels to maximize every customer touch point.

This presents an opportunity for Stringee’s technology. Instead of taking one to three years to build and develop communications features such as voice calls, video calls, SMS, chat, or contact center, businesses can quickly integrate these features into the available application / software within two hours, saving up to 80 per cent of time and cost.

Stringee previously received capital from the Zone Startups Ventures Fund (Canada) and $2 million in its Pre-Series A round.