HO CHI MINH, September 7, 2017 — Hiip, the leading influencer platform in Vietnam, announced today that it has closed a seed financing led by Cocoon Capital and 500 Startups. Also investing were Singapore-based fund Expara, following on their pre-seed funding in Hiip, and a number of high-profile angel investors. Amount and terms are undisclosed.
Hiip is Vietnam’s first automated influencer platform using social data & matching algorithms to help brands work with social media influencers. Revenue doubled twice in the last eight months.
Phi Nguyen, co-founder and CEO of Hiip, said “We are happy to be backed by prominent international investors who believe in our vision and whose vast experience and networks can help us get to the next level. With the new funding, we will upgrade our product and expand nationally and regionally. As a first step, we are excited that Ha Nguyen, who has been advising us for the past 3 months, has agreed to join Hiip full time as COO. Ha is former Executive Director of Concung, Vietnam’s leading baby & mom retailer with 150 stores nationwide.”
500 Startups partner Eddie Thai observed, “Vietnamese consumers closely follow the tastes of influencers. Yet many advertisers have used these influencers bluntly: charge companies exorbitant commissions to connect with the influencers who have the largest following, matching-be-damned. Hiip represents the next generation of influencer marketing: data-driven connections to tell stories. Brands get more value for less expense, and influencers earn more money too.”
Cocoon Capital partner Will Klippgen noted “Although we rarely invest at this early stage, we were greatly impressed by Hiip’s team and passion for the business and made an exception to join the round.” Hiip is Cocoon Capital’s first investment in Vietnam.