Vietnam dating app bags $1.6m in seed money

Fika, a Vietnam-based dating app, has raised US$1.6 million in a seed funding round led by VNV Global.

The platform was founded in 2020 by former Goldman Sachs analyst Denise Sandquist and former iFlytek data scientist Oscar Xing Luo who have professional backgrounds in finance and AI. It focuses on improving women’s experiences in meeting people online. After signing up, all users must pass a verification check to make sure they are real people – a step that 40% of applicants do not get past. Once they’re in, users can look through AI-suggested matches based on their interests.

Fika will use the new funds to expand its team, improve its AI, and grow its userbase in Vietnam.

Fika co-founder and CEO Denise Sandquist / Photo credit: Fika

“Fika is dedicated to helping find meaningful connections [for people], and the only way such truly meaningful connections are made and maintained is by creating an environment that encourages more women; one that makes women feel safe and secure,” said Sandquist, CEO and co-founder of Fika.

Once users find their match, the features dedicated to couples on the app help manage date booking, relationship milestone reminders, and information sharing. The AI will also make suggestions for activities that both users can enjoy.

Photo credit: Fika

“Many traditional dating apps and sites lose out when people find love, so there is less of an incentive to put measures in place to make sure they do,” said Luo, chief technology officer and co-founder of Fika, noting that their app is “the opposite.”

The app is tailored to Vietnam, where it has 750,000 downloads and 40% of its users are women. But it is also eyeing an entry into other Asian markets in the long term, though there is no specific target country yet. For now, it is reintroducing suggestions for dating spots after a long lockdown in the country while adding self-growth features to the platform. It is also working to improve its matchmaking algorithm to make it relevant for different markets.

Updates:
(October 12, 2021 3:15 PM SGT): Updated number of downloads.
(October 20, 2021 3:00 PM SGT): Updated background on founders.