VIISA Innovative Startup Investment Fund made a capital investment in Prime Data in a seed round. The value of this investment was not disclosed by the two units. This capital marks the beginning of the strategic partnership between VIISA and Prime Data in a completely new data solution and customer experience in Vietnam. Tran Huu Duc, President and CEO of VIISA, said that thas investment decision was made when the market entered a golden time. Digital transformation has entered everyday life. Businesses have also understood and analysed customer behavior. Prime Data will support partners to manage customer experience, help digital transformation and growth for Vietnamese businesses.
The speech from the representative VIISA
“Other corporations have started to join the CDP game. If there is a good solution for the Vietnamese market, they can also go to foreign markets,” Duc said. In addition to VIISA’s network, FPT and Dragon Capital also support Prime Data to reach more potential customers. “The world is not too far ahead of Vietnam. This is an opportunity for Vietnam, a golden time, although there are not many opportunities left when it comes to digital transformation.”
As for market opportunities, each stage of market transition has a certain segment for businesses to jump into. The problem in the CDP segment is that customer analytics solutions require speed and immediate results. Solution makers consider customer analysis like taking a tonic, not only finding new customers, but also taking care of old customers, and must know who they are. This is very difficult and expensive, technology will solve it better,” added Duc.
About Prime Data
Prime Data is a domestic startup in the field of customer data platform (CDP) and multi-channel experience. This startup provides a solution to help businesses analyse user data across multiple channels, conduct interactions so they come back to buy more. This startup is a leading partner of many digital transformation businesses. Nguyen Hai Trieu, Founder & CEO of Prime Data, is a familiar face in the digital marketing industry, having founded many social analytics companies. According to Trieu, many businesses have a situation where customer information is fragmented through multiple channels, unable to understand their journey, limited in experience and growth.
“Customers are the value of businesses. Understanding customers through data, making decisions from strategy to execution is at the core of innovation and argument transformation. Most digital businesses do not fully understand the great value of customer data, leading to no solution to use existing data capital, which is a huge waste,” said Trieu. This is also an opportunity for the CDP market to develop. “Personalisation” has been a criterion successfully applied by many businesses in marketing and sales in Southeast Asia, thanks to the development of CDP, including Vietnam.
Prime Data’s customer segment and partnership
Prime Data’s customers are mainly retail businesses. High-end men’s fashion brand in Hanoi, Aristino, is also a partner. This startup is negotiating a partnership with an e-commerce wallet and a real estate agency. In addition to VIISA, Prime Data is also a strategic partner of CleverTap. This is a platform to maintain customer experience, providing solutions for more than 10,000 applications around the world, including Vodafone Idea, SonyLIV, Daimler, Gojek, Carousell, Premier League, etc.
According to Trieu, while Prime Data is strong in data analysis and customer portrait creation, CleverTap is strong in customer interaction on mobile channels. “This is a combination of data and interaction, which can support customers from offline to online, mobile and e-commerce,” Trieu said. “We have customers in the fields of fashion retail, e-wallets, real estate, etc.”
VIISA Innovative Startup Investment Fund was co-founded by FPT Ventures and Dragon Capital in 2016. This investment fund specialises in finding seed-stage investment opportunities to build Vietnamese startups with an investment of about $6 million. According to Duc, VIISA is currently investing in deeptech, B2B, and technology application business. VIISA has invested in more than 40 startups in Vietnam, Indonesia, Singapore, and South Korea. Notable investments include Base, Urbox, Medigo, The Bank, Goong, Cyfeer, etc.
Sources of information include CafeF and Toquoc.vn.