HO CHI MINH, 23 July 2018 – CirCO Co-Working Space announced earlier today that they have recently secured an undisclosed amount of seed funding from East Ventures – a South East Asia and Japan early stage venture fund.
CirCO Co-Working Space provides a flexible workplace in Vietnam, where people can work alongside like-minded inspiring people in a high-energy and productive atmosphere. CirCO’s mission to build not just a workplace, but also a place where entrepreneurs connect and engage with each other to create a community.
Founded in late 2016, CirCO targets startups, small and medium-sized enterprises in Vietnam and also foreign companies entering Vietnam market. CirCO is now operating three expansions at two locations, right in Ho Chi Minh’s city center business districts, offering flexible desk area, private offices, event space, meeting rooms and many other services.
As the way of working revolutionized, the modern concept of co-working space now offers alternative office options rather than just traditional offices. The power of co-working space allows start-ups and freelancers to meet each other to share ideas, engage the startup community and search for potential partners. CirCO aims to build a strong community between young, passionate and talented startups that can bring inspiration and a wide network in any kind of industry.
Linh Hoang, Cofounder & CEO of CirCO commented, “Vietnam has more and more new businesses launched every year, technology adoption is increasingly high and more direct investments for the country are key factors to transform Vietnam to be an innovation hub of Southeast Asia. We believe with these key market drivers, co-working space will be a fast-growing sector”.
According to CBRE Research on real estate in Vietnam, the demand for office in the CBD area will grow rapidly in the next few years. The research anticipates that the co-working space model will be widely developed. Compared to a traditional office in the same geographic location, co-working space has a more competitive rental cost, yet adds a lot of values for the business.
By mid-2018, CirCO has total 500 active members working at all locations and keeps rising. The majority number of companies that are working in CirCO now are regional and local startups with a scale of up to 50 employees. Members profile majorly come from e-commerce, marketing, recruitment, fashion, food & beverage, blockchain, and cryptocurrency.
According to Linh Hoang, this investment is intended to accelerate CirCO’s expansion plan, improve the quality of services to connect the startup community in Vietnam, also promote better company’s branding. “Successful call for investment also brings some challenges. If you start a company, finance is a challenge. When you are expanding it, this means you will face bigger difficulties but on the opposite side, it’s a bigger opportunity”, Linh added.
Willson Cuaca, Managing Partner of East Ventures says, “We believe that co-working spaces are a natural extension of any startup ecosystem. Entrepreneurs look for a place, where they can do more than just work; they want a supportive and collaborative community that they can grow with and learn from. CirCo has exemplified those key elements through its 500+ growing members, 100+ annual events with around 10,000 attendees, and partnership with key stakeholders like Amazon Web Services, Deloitte, and UOB Bank. We believe that they are on the right track to becoming one of the main hubs for the growing startup ecosystem in Vietnam.”