Vietnam's mobile experience platform leader Kobiton has raised $12 million to accelerate the growth of its mobile testing platform, led by Panoramic Ventures and Fulcrum Equity Partners, and including an expanded debt facility with Silicon Valley Bank, providing additional access to growth capital.
|Kobiton will use the funds to expand its mobile testing portfolio |
Kobiton is a software product developed by KMS Technology Vietnam in 2016. Kobiton is positioned as the mobile testing provider that provides everything needed to deliver high-quality apps with a fast time to market on a single platform. The current number of its users has reached 50,000 globally.
The funding – exclusively provided by the company’s existing investors – will be used to accelerate the development of Kobiton’s portfolio of mobile testing products and further enhance the platform, continuing to deliver a series of capabilities.
Kobiton has more than tripled the number of users experiencing the platform since its initial seed funding in 2018. Fuelled by industry-leading AI and the Mobile Labs acquisition, Kobiton has experienced compounded growth in excess of 250 per cent during that same period.
“The investment allows us to continue rapid innovation and expand our go-to-market footprint and is also a vote of confidence from our existing investors,” says Kevin Lee, CEO of Kobiton.
Jim Douglass, partner at Fulcrum Equity Partners, said, “The future of customer interaction is multi-experience, and mobile is core to delivering the multi-experience vision. Kobiton’s strong growth, market leadership, and customer retention embody what we look for in companies, and we’re excited to continue the growth journey with them.”
Panoramic Ventures is a venture capital firm based in Atlanta, the US that takes a "wider-view" approach to investing by targeting the Southeast and Midwest. Meanwhile, Fulcrum Equity Partners is an Atlanta-based growth equity firm that manages over $500 million and provides expansion capital to rapidly growing companies led by strong entrepreneurs and management teams.
According to market research firm Statista, revenue in Vietnam's software market is projected to reach $389 million in 2021. The market's largest segment is enterprise software with a projected market volume of $148 million in 2021. Revenue is expected to show a compound annual growth rate of 7.93 per cent in 2021-2026, resulting in a market volume of $570 million by 2026.