Tevo Raises $10 Million From PvX Partners To Fuel User Growth
Vietnamese startup Tevo has received $10 million in funding from PvX Partners (Singapore), a specialized financing platform, to accelerate its global expansion. The funding is structured as non-dilutive capital, meaning the company doesn’t have to give up additional equity to investors in exchange for it. The capital will be used to acquire new users, increase marketing spend on the highest-performing user cohorts, and continue investing in AI-native product features.
Tevo currently operates around 45 apps across its consumer and AI app portfolio, spanning work utilities, education, and entertainment, with nearly 200 million installs worldwide.
Rather than raising equity capital as most startups do, Tevo opted for non-dilutive funding, a financing model that’s becoming increasingly common among consumer and AI app companies. This approach lets the company pour more resources into products that have already found their footing in the market, without diluting existing shareholders’ ownership.
NICE I&T Acquires Over 93% Of EasySalon
NICE I&T, a South Korean payment infrastructure provider, has acquired more than 93% of EasySalon, a Vietnamese beauty-tech startup. This marks NICE I&T’s first M&A deal in Vietnam and its second in Southeast Asia. Deal terms were not disclosed.
Founded in 2018, EasySalon builds SaaS (software-as-a-service) management tools for the beauty industry, serving hair salons, spas, nail shops, and aesthetic clinics. As of July 2026, more than 5,000 businesses nationwide use the platform to manage appointments, customers, revenue, expenses, staff, and customer care.
NICE I&T chose to acquire a controlling stake rather than take a minority position. This is a strategic move that lets the company directly integrate its payment services into the EasySalon platform and roll them out to that existing customer base, rather than building a customer network from scratch in a market where it currently has no foothold.
For NICE I&T, the deal is also a way to expand from payment infrastructure into broader SaaS, fintech, and business-operations tools. In return, EasySalon gains access to resources and expertise from a larger technology and fintech ecosystem in South Korea to support its next stage of growth.
Mekong Capital Exits Mutosi As Italy’s Ariston Takes 83% Stake
After five years, private equity firm Mekong Capital has fully exited its investment in Mutosi, a Vietnamese home water-purifier manufacturer, selling its stake to Ariston Group, an Italian thermal and water solutions conglomerate. Ariston now holds 83% of Mutosi’s charter capital, with the remaining 17% held by the current management team. Deal terms were not disclosed.
Mekong Capital invested in Mutosi in June 2021 through its Mekong Enterprise Fund IV. The investment helped Mutosi expand its product line to include floor-standing and under-sink water purifiers, along with spare parts and after-sales services. Over the course of the investment, the company also expanded its multi-channel distribution network nationwide while strengthening corporate governance, customer experience, digital transformation, and corporate culture. In 2025, Mutosi posted revenue of roughly VND429.17 billion (about $16.3 million), following three consecutive years of growth in the 13-16% range.
For Ariston, the Mutosi acquisition delivers three benefits. First, access to a fast-growing home water-purification category in Vietnam. Second, a recurring revenue stream from filter and component replacement services. Third, an expanded distribution network built on Mutosi’s existing infrastructure.
For Mekong Capital, five years with Mutosi produced three concrete outcomes: improved operational efficiency, an expanded distribution network, and stronger organizational capacity. That, rather than broader market tailwinds, is where the company’s real value creation came from.
Across Southeast Asia, both the value and number of private equity exits have been declining. Against that backdrop, more investors are choosing to hold investments longer, focusing on improving portfolio companies’ fundamentals before seeking a buyer, rather than exiting early to lock in quick gains, as Mutosi’s case illustrates.
Vietnam Needs A Dedicated Exchange To Keep Tech Startups At Home
Vietnam needs a stronger institutional and financial framework to help innovative startups grow and retain value domestically, rather than seeing capital and technology flow overseas. The country currently faces two main challenges. The first is the lack of a sandbox broad and flexible enough to accommodate new business models. The second is the lack of a viable exit path, a clear route for companies to be acquired or listed, allowing investors to realize returns after years of capital deployment.
According to Hoang Thi Kim Dung, Country Director of Genesia Ventures Vietnam, some of Vietnam’s current listing requirements are proving difficult for innovative, high-growth companies. The State Securities Commission (SSC) is developing regulations for a dedicated exchange for innovative enterprises, expected to be finalized this year ahead of a 2027 launch. Dung expressed hope that this plan will materialize soon. To protect investors, she suggests regulators take a more cautious approach when screening who is allowed to trade on this exchange, while also creating stronger incentives for strong startups to keep scaling within Vietnam rather than seeking growth abroad.
Capital alone isn’t enough to build a strong startup ecosystem. Vietnam needs an environment where startups can test products, access capital, find customers, and ultimately generate liquidity in the domestic market. Building that environment requires three things: more flexible regulation, a suitable listing pathway, and a policy under which the government actively purchases and uses new tech products from Vietnamese startups, acting as an early customer rather than just offering policy support or funding.
VIFC Officially Enters Its Substantive Operations Phase
Vietnam’s International Financial Centre (VIFC) is moving from institution-building into substantive operations. The Executive Agency of VIFC in Ho Chi Minh City and Danang is now officially operational, marking this shift. In the next phase, VIFC will focus on three priorities: attracting selected members, developing financial products, and connecting with specific projects across infrastructure, energy, logistics, green transition, fintech, and fund and asset management.
In Ho Chi Minh City, VIFC is laying the groundwork to issue international bonds and municipal bonds, backed by a pipeline of more than 21 projects. In Danang, VIFC is also moving into substantive operations, focusing on a sandbox for fintech and digital assets and rolling out specific initiatives. Several banks, securities firms, fund managers, and investors have signed memorandums of understanding, made commitments, or submitted registration applications to participate.
The government is encouraging regulators to operate and deliver real services through VIFC while continuing to refine the legal framework in parallel, rather than waiting for every condition to be finalized before beginning operations. Oversight and risk-control mechanisms remain in place throughout this process. If executed well, VIFC could strengthen Vietnam’s ability to attract international capital while meeting long-term financing needs for infrastructure, the green transition, and capital markets.
Genesia Ventures is an early-stage venture capital firm operating in Japan and Southeast Asia, with a strong belief in the long-term potential of Vietnam’s digital economy. Beyond providing capital, the fund actively supports startups through strategic guidance and connections to a broader regional network.