Roehl Niño Bautista · · 1 min readTouchstone funds Vietnamese car platform’s $1m pre-seed round
Vietnam-based Bave, a car ecosystem platform, has raised US$1 million in pre-seed money from Touchstone Partners.
Bave CEO Paul Thang Nguyen / Photo credit: Bave
Bave’s platform connects drivers with merchants selling car equipment and parts as well as with businesses providing car financing and vehicle servicing. It also runs Agara, an inventory manager for garages and body shops, and CarGo, a car service booking app.
The company was founded in 2018 by Paul Thang Nguyen, Do Trung Thanh, Pham Quang De, Duong Trong Chu, and Ngo The Hieu.
Bave will use the fresh funds to scale its operations as it plans to develop a secondhand car marketplace.
While Vietnam has a high motorbike usage, the company estimates that the 3 million passenger cars currently on the country’s roads will double in the next five years.
See also: Explaining Vietnam’s crypto boom
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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