Of the 25 successful deals worth 180 billion VND in Shark Tank season 7, there were 2 deals with a commitment of 1 million USD investment, both related to Shark Binh.
The Billion Dollar Deals 2024 program ended with 38 business models introduced, of which 25 were successful capital calls. The total capital committed by investors to invest in startups is 180 billion VND.
The 2 largest deals received a commitment to invest 1 million USD, Shark Binh invest in Caty Foods dragon fruit noodles in exchange for 10% of shares; educational toy product Kalo Toys also received 1 million USD from Shark Binh and Shark Minh Beta for 10% of shares.
The boom of startups bringing Vietnamese food abroad
Ms. Le Hanh, CEO of TV Hub, the program's producer, said that Shark Tank Vietnam season 7 recorded the explosion of startups in the fields of food, cosmetics, and high-tech agriculture. Of which, food had the largest participation rate with nearly 30%. Many startups in this field had impressive business results in the export sector before calling for capital, and shared the desire to bring Vietnamese products to the international market.
The food brand that has attracted attention and interest from investors is Caty Foods dragon fruit instant noodles. This product is considered a breakthrough because for the first time in the world, Vietnamese people have successfully added fruit ingredients to noodles.
This is also the reason Caty Food successfully closed a deal of 1 million USD for 10% of Shark Binh's shares.
Dragon fruit noodles originating from Binh Thuan province, launched in early 2022, have achieved international certifications and are being exported to the US, China, and Russia markets. In 2023, the company's revenue reached 46 billion VND, with a profit margin after tax of 8%.
The company aims to reach VND250 billion in revenue in 2024 and expand to more than 50,000 points of sale by 2025. By 2026, revenue will reach VND2,000 billion.
Another notable food brand is Ca Men frozen food. The product was founded by four young men from Quang Nam with the dream of “bringing Vietnamese cuisine everywhere”, and has now covered more than 1,000 Vietnamese supermarkets and markets, and is present in Asian supermarkets across the US states. Ca Men is currently exploring the Canadian, Australian and British markets, with a repurchase frequency of 3-6 months.
In early 2024, Ca Men returned to the Vietnamese market to expand its distribution channel system and has more than 400 points of sale in supermarkets and agents. This startup, founded in 2010, also has a 1,000m2 factory, supplying 200 - 300 thousand products/month. In 2023, this startup brought in revenue of 12.2 billion VND and is expected to reach 24 billion VND in 2024.
Also a food brand that is making waves, exporting to 9 countries and protected in 35 countries, although it was only launched in 2020, it is a chili sauce fermented with Chilica rice vinegar. Founder Nguyen Thanh Hien said that the startup was born with the desire to increase the value of agricultural products and solve output for farmers. In 2023, the business invested in expanding the factory 10 times, capable of producing 30 tons of fresh chili in a day.
Legendary, a chocolate brand that is present on the shelves of a series of major retailers such as Aeon, Lotte mart, BigC and exported to demanding international markets such as Canada, the Middle East, and Europe, is also a food brand that investors are interested in at Shark Tank season 7 and successfully closed a deal with Shark Minh Beta with 4 billion VND in cash for 16% of shares, along with a convertible loan of 6 billion VND until the end of 2025.
Ms. Bui Hong Hanh, founder and CEO of this chocolate brand, said that the startup, founded in 2015, currently has more than 60 product codes from cocoa beans, including chocolate, cosmetics, scented candles made from cocoa butter and fermented cocoa bean shells. Of which, chocolate coated beans account for 40% of revenue.
Legendary currently owns 2 factories in Ho Chi Minh City with a total area of up to 1,400 m2. In 2023, the company recorded revenue of 38 billion VND and expected revenue in 2024 of about 50 billion VND. Notably, this product has a certificate for export to the HALAL market, and is preparing certificates for customers on a diet...
Shark Binh and Shark Minh Beta continuously "make deals"
Shark Nguyen Hoa Binh and Minh Beta are the 2 "sharks" who successfully closed the most deals with Startups in season 7.
Specifically, Shark Binh closed 11 investment deals, with an investment value of more than 73 billion VND. Shark Minh Beta closed 12 investment deals, with a total investment value of more than 49.2 billion VND. And the "shark" who has accompanied Shark Tank for 7 seasons - Shark Nguyen Thanh Hung successfully closed 5 deals this season, with a value of more than 8.7 billion VND.
Explaining the story of the "sharks" continuously closing deals in season 7 with many large value contracts, Mr. Hung said that startups this season have made clear progress in business plans, as well as more feasible business results than previous seasons.
Beta Group Chairman Bui Quang Minh said that last season he was quite successful with investment deals, such as the Beecube mini-screen projector doubling sales, and exporting to the US market, and developing new products, so he hopes that in season 7 he will find opportunities to make a breakthrough. This investor said that in clear deals, he invests a lot of cash, some cases see a high level of risk but that can be an opportunity for investors and startups, so he will come up with other ways to suit both sides.
The 4 “new sharks” also continuously closed many successful deals. Among them, Shark Nguyen Van Thai, Vice President of Thai Huong Group - one of the leading cosmetic groups in Vietnam, has 6 successful deals with an investment value of more than 25.2 billion VND. With the goal of joining the “shark pool”, the founder of Thai Huong cosmetics said he wants to invest in startups in the fields of cosmetics, e-commerce, capital support, technology and production capacity, management, sales, to create big changes in the cosmetics industry.
Shark Phi Van - a famous investor in the franchising field, also successfully completed 4 deals, with an investment value of more than 8.3 billion VND.
Shark Le My Nga invested in 5 deals, with an investment value of more than 13.6 billion VND. Foreign Shark Tillman Schulz also invested in 1 deal with an investment value of more than 2 billion VND and committed to supporting a startup to bring products to partners.
Shark Tank Vietnam season 7 also recorded a meaningful deal with a golden ticket worth up to 500 million VND from Shark Minh Beta for Leather Hospital founded by CEO Nguyen Van Phuc. This is the most valuable golden ticket awarded to a startup.
The Leather Hospital was founded in 2018 by CEO Nguyen Van Phuc, starting from a 6m2 warehouse. Since then, Nguyen Van Phuc has developed a model that not only focuses on leather care and restoration services, but also provides training and employment for vulnerable people such as street children and victims of human trafficking.
To date, the Leather Hospital has helped change the lives of nearly 30 people, providing them with stable job opportunities with salaries ranging from 9 to 15 million VND per month.
After the broadcast, on October 4, the 500 million VND golden ticket was disbursed. The capital was used by this startup to expand its operations at its first facility in Ho Chi Minh City and bring more job opportunities to the disadvantaged community.
In addition to the 500 million VND golden ticket donated by Shark Minh Beta, the Leather Hospital also received 500 million VND investment from 4 sharks for 8% of shares but did not receive dividends, to ensure investment efficiency and create more job opportunities for disadvantaged people in Vietnam.
Thus, after 7 seasons of Shark Tank Vietnam, a total of 329 startups have participated in raising capital, of which 199 startups received handshakes with investors on television. However, the number of businesses actually receiving capital is extremely low.
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