Vietnamese audio content platform gets seed funding from 500 Startups

Voiz FM, a Vietnam-based audiobook and podcast platform, said it has raised an undisclosed amount of seed funding from 500 Startups Vietnam.

Voiz FM founders with 500 Startups Vietnam team / Photo credit: 500 Startups

The startup was launched late last year, initially focusing on acquiring exclusive publishing rights for audiobooks. Taking a longer-term approach, Voiz FM said it has attained copyrights for all of its published content.

The company said it plans to use the new funds for product development and expansion into other Southeast Asian markets in the next 12 months.

“Our product roadmap includes the launch of a recommendation algorithm in early July and an AI voice functionality [that] will allow users to choose their preferred voices for all titles in October this year,” said its co-founder and CEO Thai Tran.

With its growth plans, the company aims to capitalize on the growing audiobook and podcasting markets, which are expected to be valued at a total of US$4.6 billion this year.

In the recent months, Voiz FM claims to have seen a twofold increase in its user base following, as customers turn to audio media to keep them company during the quarantine period. It currently has more than 1,000 bestselling titles on its platform to keep users entertained.

Since launching in 2010, the US-based 500 Startups has provided investments for thousands of entrepreneurs in more than 74 countries. Notable companies in its portfolio include Grab, Carousell, and Credit Karma.

Its Vietnam-focused arm alone has invested in over 60 startups, including blockchain-based game Axie Infinity, edtech platform ApplyBoard, and coffee brand Copper Cow Coffee.