for the quarter ended 30 September 2024
for the quarter ended 30 September 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.
In 3Q24, Gene Solutions’ lab in Singapore was accredited by the College of American Pathologists (CAP) Laboratory Accreditation, the highest standard for diagnostic laboratories, becoming Gene Solutions’ second next-generation sequencing lab to receive this accreditation. In the first nine months of 2024, Gene Solutions recorded the number of Non-Invasive Prenatal Testing (“NIPT”) tests in Vietnam growing by 18% 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.
HUSK’s volume of final products sold during the first nine months of 2024 achieved a 68% increase compared to the same period last year, showing increasing demand for high-quality biochar products to build stronger soil.
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 September 2024, LiveSpo launched a new LiveSpo NAVAX for infants, designed to provide an improved user experience for a large customer group of mothers who use saline to sanitize their babies’ noses and mouths daily. In the first nine month of 2024, LiveSpo recorded a 35% year-on-year growth in net revenue, mainly attributed to the increased number of its SKUs available in the three largest pharmacy chains in Vietnam.
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 options to patients, particularly children, instead of using antibiotics.
Partnering with Curiookids, a life skills training organization, YOLA officially launched the YOLA International Program at 8 out of 11 training centers by the end of September 2024. This program is designed to equip children aged three to six with essential skills through four engaging subjects: English, Creative Design, Technology, and Business Thinking.
YOLA is an English language training center with 11 centers in Ho Chi Minh City. YOLA offers a wide range of English courses for kids, primary and secondary students, as well as academic English and IELTS preparation courses.
During the third quarter, Marou opened 2 new retail shops. One is in Nha Trang, a beach city in Central Vietnam. The second one is next to Ben Thanh market, a main tourist attraction in Ho Chi Minh City. In the first nine months of 2024, Marou also recorded a 64% increase in net revenue throughout its retail network of 18 locations nationwide.
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 18 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 the third quarter of 2024, Beauty Box opened three new stores, bringing the total number of stores to 23 locations nationwide. One of the new stores is a road shop model in Ho Chi Minh City, offering customers more convenient and friendly shopping experiences.
Beauty Box, a multi-brand skincare and cosmetics retail chain, offers a diverse range of exclusive, authentic, and high-quality beauty products from overseas brands. In addition, Beauty Box has a team of dedicated beauty consultants in store to provide personalized advice to customers targeting their specific needs.
