Real-time user experience building platform Insider announced on May 24 it had received investments of up to $105 million from existing investors, including QIA, who already own shares in Volkswagen, Barclays, and Esas Private Equity. With this latest investment, Insider’s total investment, backed by Sequoia, has reached $274 million.
The $105 million in new capital is expected to be used to accelerate Insider’s focus on its merger and acquisition (M&A) strategy, which aims to further build on the company’s existing technology and capabilities.
According to Mr. Jack Nguyen, Insider’s Managing Director for Southeast Asia, the additional investment will be dedicated to acquiring companies in Vietnam and beyond. This will change the game, especially as Vietnam is one of Insider’s most important strategic markets.
“This investment opens up opportunities right here in Vietnam,” he added. “Insider is actively looking for talent, expanding the team, and creating more jobs. With this substantial financial backing, Insider easily drives product innovation by acquiring companies with industry solutions, helping marketing and e-commerce leaders create more value and growth from customer experience campaigns.”
It will also bring significant benefits to Insider’s operations in Vietnam, especially helping customers, including brands like Concung, Bamboo Airways, and Vingroup, improve their customer experience.
Insider announced impressive growth in Vietnam in 2023 after operating for six years. Since the early days, the company has mainly focused on organic growth, with major customers such as Vietnam Airlines, Sonkim Mode, and MB Bank.
“At Insider, we have achieved outstanding organic growth to date,” CEO and Co-Founder Hande Cilingir explained. “Now, we are looking to achieve new growth through an M&A-focused strategy. This investment will be used exclusively for the purpose of acquiring outstanding technology companies in Asia, including in Vietnam, to complement our technology and create product synergies.”
“After Insider acquired MindBehind this year, we received a positive response from the market and customers, which is the driving force behind us exploring more opportunities to acquire unique organizations with the most advanced technology in the industry, to better serve our customers, create more value, and find innovative solutions to marketers’ challenges and difficulties,” she went on.