Vietnamese startup idea receives 1 billion funding package from Facebook

The Vietnamese startup honored by Facebook this time is "Rada", first introduced in December 2015, an application for searching for services by location, covering many fields such as: healthcare, food, repair...

After programmer Nguyen Thanh Tu's product "Shark Journey", it's another Vietnamese startup's turn to receive a 1 billion VND FbStart sponsorship package from Facebook.

Specifically, the Vietnamese startup honored by Facebook this time is "Rada", belonging to Rada Joint Stock Company, founded by 3 founding members: Mr. Ma Hoang Hai - CEO, Mr. Hoang Van Hau - CTO, and Mr. Ta Quang Thai.

The Rada application was first introduced in December 2015, at that time only focusing on supporting the connection of needs for rescue and motorbike repair services.

Later, Rada expanded into a location-based service search application, covering many fields such as home appliance repair, healthcare, food, construction, electricity and water, housekeeping, rescue, beauty, etc.

The Rada team said that the startup initially submitted a project description, implementation information, and live metrics to Facebook. The FbStart program team then reviewed, interviewed, and clarified the information for approval.

As a result, the Rada application received a sponsorship package worth 40,000 USD - equivalent to 1 billion VND from FbStart. The above support does not include cash, all are converted in the form of using services provided by Facebook and its partners.

Sharing about the support package FbStart received from Facebook, Rada said:

"Although this is not a cash support package, it is very valuable and timely at the right time that Rada needs.

This is a necessary boost to Rada's quality when it has reached a certain maturity. In fact, even if a business receives $100,000 in support, no startup dares to spend up to $40,000 on the tool.

In the coming time, Rada will focus on optimizing, adding electronic payment features, and cooperating with partners to meet the needs of both sides (service providers and users).

At the same time, Rada will soon deploy training and gradually apply quality standards to improve professionalism and problem-solving skills for suppliers."

Currently, the Rada application has more than 80,000 downloads on iOS and Android with 25% of registered users, nearly 50 successful transactions/day focusing on home appliance repair.

Rada's goal by the end of 2016 is to reach 500,000 users, 30 service industry codes and 500 professional suppliers in Hanoi and Ho Chi Minh City.

FbStart is a Facebook support program for startups that follow the application direction.

Along with several major partners, Facebook will offer startups a support package that includes free tools and services designed to help them build and grow their apps.

Through this program, mobile startups have the opportunity to receive direct advice from Facebook, as well as join a global community of startups from FbStart.

Startups can join the FbStart program by registering on the FbStart page (https://fbstart.com/). Facebook will then send feedback within 3-4 weeks of registration.

According to Young Knowledge