Draper Startup House, a global network of hostels fostering the growth of entrepreneurship, has acquired Hatch Ventures Vietnam (HATCH!), a local startup ecosystem builder.
This deal expands Draper’s operations into Vietnam and enables HATCH! to access the former’s Venture Network.
The cash-cum-equity deal will result in a new Vietnamese entity, with investors including Pham Vinh, a UK-based property developer.
According to Draper, the acquisition brings entrepreneurs and startups in Vietnam a faster path for global reach. It also aims to attract the digitally nomadic fans of Draper Startup House such as remote workers and other travellers to Vietnam for its culture, geography and talent.
Founded in 2012 by American entrepreneur Aaron Everhart, HATCH! offers training, business incubation and investor matching for Vietnamese startups. It is also the co-organiser for the inaugural TechFesr, which it claims is now Vietnam’s largest annual gathering for innovation and entrepreneurship.
Originally founded by Vikram Bharati in 2018 as Tribe Theory, a concept for digital nomads to live, work and co-create companies, the hostel network joined the Draper Ecosystem after a US$3.5 investment to form Draper Startup House in 2019.
Da Nang, Vietnam is the newest location, joining existing locations in Austin, Bali, Bangalore, Buenos Aires, Chiang Mai, Lisbon, Manila, Penang, San Mateo, Singapore, and Tallinn.
Bharati, CEO of Draper Startup House International (Singapore), said, “The acquisition of HATCH! supports our vision to create 1 million companies by 2030. The systems, network, and brand recognition of HATCH! in Vietnam enables Draper to gain an influential presence in Vietnam, starting in Da Nang City.”
Draper Startup Houses typically comprise a hospitality operation, with hostel-type lodging and related services; and unique programs and activities for innovation-focused people working to address the world’s biggest challenges.
Everhart, who will assume the role of CEO for Draper Startup House in Vietnam said, “I envisioned HATCH! to help made-in-Vietnam innovations to compete internationally, and this aligns with the vision and direction of Draper Startup House. Now participants and alum can take advantage of Draper’s programs for learning and funding.”
Image Credit: Draper Startup House
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