The startup world has seen a 49% drop in tech startup funding in the year ended June 30, leading to many venture-backed companies being forced to close or downsize. However, recent weeks have seen several companies go public, such as online grocery marketplace Instacart, which is preparing for its IPO next month.
Key takeaways:
- Vietnamese internet startup VNG has announced plans to go public in the United States, making it the first tech company from Vietnam to seek a listing in New York.
- The company aims to raise $150 million from the listing, according to sources familiar with the matter.
- VNG plans to expand its ZaloPay platform to promote a cashless future in Vietnam and to develop new artificial intelligence products.
- The planned listing comes amid a significant decline in venture funding for startups, with a 49% drop in tech startup funding in the year ended June 30.