HATCH! acquired by Draper unit in Singapore
HATCH!, a Vietnam entrepreneurship program, joins Draper Startup House global network of hospitality and venture building services.
(Singapore and Hanoi, Vietnam – April 12, 2021) Draper Startup House, a global network of spaces connected to services, education and investment, announced today that it has acquired Hatch Ventures Vietnam (“HATCH!”), a startup ecosystem builder. The deal brings to Draper a presence in Vietnam, and enables HATCH! access to the Draper Venture Network.
Draper is not new to Vietnam, DFJ VinaCapital Fund (DFJV), established in 2006, was one of the first venture capital funds in Vietnam. The Draper Venture Network is the world’s premier venture capital network, with over 1,000 portfolio companies funded globally.
HATCH!, which offered training, business incubation, and investor matching, was founded in 2012 by US entrepreneur Aaron Everhart. HATCH! organized HATCH! FAIR from 2012–2017, and co-organized the inaugural TechFest, which is now Vietnam’s largest annual gathering for innovation and entrepreneurship.
DRAPER STARTUP HOUSE
Draper Startup House, founded by Vikram Bharati in Singapore in 2018, began as Tribe Theory, a concept for digital nomads to live, work, and co-create companies. It joined the Draper Ecosystem 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.
Draper Startup House Singapore wholly acquired HATCH! and subsequently will co-own Draper Startup House Vietnam. The cash and equity deal will result in a new Vietnam entity. Investors include Pham Vinh, a UK-based property developer, and Draper Startup House Singapore. The official acquisition date was 18th March 2021.
Vikram Bharati, CEO of Draper Startup House International (Singapore) said, “The acquisition of HATCH! supports the Draper Startup House 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.
According to a top company insider, Draper Startup House is a strategic part of the Draper Venture Network. Companies joining in Draper Startup House programs will get access to the 23 global venture capital funds in the network. 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.
Aaron 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 programs like Draper Startup House Academy for learning, and Draper Startup House Ventures for funding.”
Industry analysts recognize Vietnam’s large population of highly skilled technical, scientific, design, and artistic talent. Draper Startup House, according to them, concentrates on venture building with globally diverse teams, resulting in a steady flow of quality investment targets.
This 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.