1Office in advanced talks to raise up to USD 15m for SEA expansion – founder
- Funds for product development, entry into Indonesia, Thailand, Malaysia
- Considers acquisitions to strengthen AI-powered offerings
- Global AI platform launch planned, targeting USD 5m revenue
1Office, a Vietnam-based enterprise management software startup, is in advanced talks to raise around USD 10m to USD 15m to expand its products in Southeast Asia, founder and CEO Le Viet Thang said.
The company is in the due diligence process with an undisclosed strategic investor who has synergies to support 1Office’s overseas expansion and strengthen its customer base, Le said.
1Office aims to raise fresh funding for a pre-money valuation of around USD 40m. The proceeds will be largely used for its product development to enter SEA markets, including Indonesia, Thailand, and Malaysia, he added.
Le noted the fundraising could close in the next few months, depending on discussions with the strategic investor.
Part of the new funding will also go to M&A as the firm seeks local acquisition opportunities. Potential targets are software startups with existing revenue streams and/or proven track record in AI-powered automation or IoT (robotics) products, the founder said.
Last month, 1Office announced a USD 3m fundraising from Redbadge Pacific – the APAC arm of US-based family office Redbadge, and several domestic investors. The latest funding is in both primary and secondary offerings, according to the founder.
The firm also previously received an undisclosed investment from Japanese personnel services provider Mynavi in May 2023.
Founded in 2015, 1Office has been providing its B2B customers with a comprehensive software-as-aservice (SaaS) platform offering a high level of integration, customisation, and advanced features, Le said.
It is undergoing a strategic transformation from a traditional SaaS provider to an AI-as-a-service (AaaS) company with the launch of its new AI platform, 1Office Next.
Rather than simply offering software solutions, 1Office is repositioning itself as an AI-driven startup, focusing on the development of specialised AI agents for enterprise automation, while expanding its core AI platform with a suite of AI-powered applications, according to the founder.
The company’s two key pillars are a low-code platform and AI agents that can be compared as the ‘heart’ and the ‘brain’ of 1Office Next, powering application creation and advancing intelligent automation, Le said.
He added that the firm plans to launch a global version for international markets by the end of this year, offering greater scalability and customisation for foreign businesses.
1Office aims to generate USD 5m in revenues and USD 760,000 in net profit by the end of 2025. It currently has more than 6,000 corporate clients with around 500,000 users, Le noted.
Source: Mergemarket
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