for the quarter ended 30 June 2024
for the quarter ended 30 June 2024
Some of the data here are the latest available to Mekong Capital at the date of this newsletter to be circulated. It might subject to be changed/updated lately.
Mekong Enterprise Fund IV (“MEF IV”) invested US$5 million in HUSK, a pioneering biochar and biofertilizer company committed to regenerative agriculture practices in Southeast Asia. This investment exemplifies MEF IV’s dedication to generating both financial returns and meaningful social and environmental impact.
Founded in 2017 by two female entrepreneurs Heloise Buckland and Carol Rius, and joined by Richard Kendall in 2019, HUSK has rapidly emerged as a leader in their sector. HUSK produces biochar, carbon-based fertilizers and crop protection products designed to address the challenges faced by farmers, including the yield gap, pests, diseases and poor soil and nutrient management.
In the first half of 2024, LiveSpo recorded a 49% year-on-year growth in net revenue, mainly attributed to the company’s effective selling strategy in pharmacy chains and e-commerce channels. In May 2024, LiveSpo was granted two exclusive patents by the National Intellectual Property Office for LiveSpo COLON and LiveSpo X-SECRET. LiveSpo COLON supports the treatment of colitis, while LiveSpo X-SECRET supports the prevention and treatment of vaginitis.
LiveSpo, founded by three founders with combined experience in biotechnology, sales, and marketing, is a consumer health company manufacturing and selling liquid spore-based probiotics supplement, focusing on improving digestive health and enhancing respiratory function. Its nasal-spray spore probiotics, LiveSpo NAVAX, is one of LiveSpo’s most popular and highly efficacious products, offering safe respiratory treatment option to patients, particularly children, instead of using antibiotics.
Marou increased its net revenue by 76% year-on-year in the first six months of 2024 with its retail footprint of 16 shops nationwide. In June 2024, Marou was also honored to receive a Silver Award from the International Institute of Chocolate and Cacao Tasting in the category of chocolate bars for its Dark Chocolate 65% and Caramel Lotus Seeds.
Marou, founded by two French entrepreneurs, is a chocolate company dedicated to making premium quality single-origin chocolate bars from cacao beans sourced from Vietnam. Marou currently has 16 shops, which offer a wide selection of chocolate drinks, pastry, and chocolate bars, in big cities in Vietnam, and several kiosks in Tan Son Nhat International Airport.
In June 2024, Gene Solutions’ Central Lab in Ho Chi Minh City was accredited by the College of American Pathologists (CAP) Laboratory Accreditation, the highest standard for diagnostic laboratories. This marked a milestone of Gene Solutions becoming the first next-generation sequencing lab in Vietnam to receive this prestigious accreditation. In the first half of 2024, Gene Solutions also recorded the number of Non-Invasive Prenatal Testing (“NIPT”) tests growing by 21% YoY, driven by the company’s effort to offer wider variations of NIPT tests with different price ranges and features.
Gene Solutions, founded by three Vietnamese scientists and doctors with solid experience in genetics, cancer biology, and biotechnology, is a leading genetic testing company that specializes in Non-Invasive Prenatal Testing (“NIPT”) for pregnant women and a pioneer in Oncology with its early cancer detection technology, SPOT-MAS™. Gene Solutions currently has presence in Vietnam, Singapore, Indonesia, Thailand, and the Philippines.
F88 received the “Customer Experience Initiative of the Year” award from The Asian Banking and Finance Magazine, one of Asia’s leading banking and finance magazine, for providing good customer experience through provide its customers with clear and transparent explanation of all information, including interests and fees, of its loan products. In the second quarter of 2024, FiinRatings, Vietnam’s first public credit rating agency, announced that it maintained F88’s rating at the level of BBB- and upgraded the outlook to “Stable” due to F88’s improvement in business performance and diverse capital mobilization capabilities.
Founded in 2013 by three entrepreneurs, F88 is one of Vietnam’s largest financial service chains providing vehicle title lending and insurance to mass underbanked people through its 820 branches nationwide as of 30 June 2024
During the second quarter, Vua Nem opened three new stores in Binh Duong, Thai Nguyen and Dak Lak. The store-level EBITDA in the first six months of 2024 reported a 123% YoY growth as a result of Vua Nem’s effort to bring more new and affordable products to its customers via a network of 129 stores nationwide.
Vua Nem is the leading mattress retail company in Vietnam in terms of number of stores, founded by two Vietnamese entrepreneurs. While most mattress retailers in Vietnam are showrooms for a single mattress brand, Vua Nem targets to differentiate by offering an omnichannel shopping experience with a wide range of mattresses, bedding accessories, and sleep solutions such as multi-brand mattresses, bedding accessories, adjustable beds, etc. Vua Nem positions itself as a friendly brand targeting the mass market.
