450 Projects Accelerate Fundraising at SwitchUp 2024
80% of the projects registered for SwitchUp 2024 Season 2 come from around the world, with 22 projects successfully raising over $1 million.
The second season of the fundraising acceleration program is co-organized by the Vietnam Blockchain Association and Spores Network. Approximately 350 projects are from countries outside Vietnam, including 40% from Asian countries and 26% from European countries. Notably, including Vietnamese projects, Asia accounts for up to 60% of the total program, reflecting the strong growth of the technology sector in this young economic region.
In terms of sectors, GameFi continues to lead with nearly 31% of participating projects, followed by DeFi at 26%, slightly up from 2023. Infrastructure projects account for 16.5%, a slight decrease from the previous year, while AI projects make up 7% — up from 0% in 2023.
Additionally, the fields of operation of the projects show that the global tech startup community is increasingly interested in SocialFi, Real World Assets (RWA), and ReFi (regenerative finance), while also prioritizing environmental protection issues.
Financially, more than 200 projects participating in SwitchUp 2024 have previously successfully raised funds. Among them, 47 projects raised over $500,000 and 22 projects raised over $1 million from major investors such as Hashkey Capital, Hashed, Aptos Foundation, BigBrain Holdings, Shima Capital, Binance Labs, Polygon, OKX, and WorldCoin. These projects also bring a community of over 10 million members to the SwitchUp Accelerator, averaging about 25,000 members per project.
Projects selected will be further evaluated through multiple rounds by reputable, experienced members from the Investment Committee (IC), Maven Capital, ABCDE, Skyvision, ViaBTC, IDG Capital Vietnam Blockchain, AppWorks, Amazon Web Services, Amnis Finance, Spores Network, CoinEx, etc. Candidates will also receive special support and privileges from program partners and one-on-one consultations with top industry experts.
Ms. Nguyen Van Hien, Secretary General of the Vietnam Blockchain Association, stated that following the success of 2023, SwitchUp Season 2 has achieved breakthroughs in both the quantity and quality of participating projects. “This demonstrates the credibility, impact, and outreach of the program. Most importantly, it shows the real value that VBA and SwitchUp are contributing to the tech startup community,” she shared.
Startups participating in the program will also receive comprehensive training over 5 weeks, covering the necessary knowledge and skills to increase their chances of successful fundraising and sustainable development in the Web 3.0 industry. The most outstanding startups will have the opportunity to pitch to international blockchain investors and the community during Demo Day, creating opportunities for investment and increased project visibility.
Mr. Eric Hung Nguyen, Deputy Head of the Investment Promotion Committee, Vietnam Blockchain Association, and representative of Spores Network, noted that the development and diversity of projects at SwitchUp 2024 demonstrate that the blockchain field is changing globally. “Through the program, we aim for comprehensive solutions with stronger, more positive impacts on global society and the environment,” he said.
In 2023, the SwitchUp Accelerator Investment Acceleration Program attracted 250 projects, with 12 outstanding projects reaching the finals, achieving significant success. Ten of these 12 projects garnered interest and received investment proposals, support totaling $1 million from major investment funds and partners such as IDG Capital Vietnam Blockchain, Ferrum Network, Republic, AWS…
About Vietnam Blockchain Association & Spores Network
Vietnam Blockchain Association: Vietnam Blockchain Association (VBA) is the first official organization approved by the Vietnamese Ministry of Home Affairs to be the hub for blockchain enthusiasts and foster the application of Blockchain technology in Vietnam. Their mission is to liaise with Government agencies to bid on a legal framework for the Blockchain industry, aligning with the nation’s plan to develop a digital economy.
Spores Network: Spores Network is the leading multi-chain launchpad for IDOs and INOs of up-and-coming high-quality web3 projects, in which users can seamlessly participate & support the project! Our mission is to promote the growth of Web3 communities by breaking the barriers between entrepreneurs, investors, and contributors, and forming a fair and open web3 builder network
