Tim Draper-backed Draper Startup House acquires Hatch Ventures Vietnam

Draper Startup House, a global business hub for entrepreneurs and startups, said it has acquired Vietnamese startup ecosystem builder Hatch Ventures Vietnam.

The financial details of the deal have not been disclosed.

Photo credit: Draper Startup House

Founded in 2012 by US entrepreneur Aaron Everhart, Hatch offers training, business incubation, and investor matching for startups. It claims to have doubled its size and impact annually and says it has served 10,000 entrepreneurs and hundreds of companies, mentors, and investors.

With the acquisition, Draper Startup House will expand its presence in Vietnam. The deal will also support the firm’s vision to create 1 million companies by 2030, said Vikram Bharati, CEO of Draper Startup House International (Singapore).

The cash and equity deal will result in a new Vietnam entity, and Everhart will assume the role of CEO for Draper Startup House in Vietnam, which will be located in the city of Da Nang.

Founded by Bharati in Singapore in 2018, entrepreneur-focused hostel chain Tribe Theory joined the Draper Ecosystem in 2019 and was rebranded to Draper Startup House following a US$3.5 million investment from venture capitalist Tim Draper.

As a strategic part of the Draper Venture Network, companies joining the Draper Startup House programs will get access to the 23 global venture capital funds in the network.