Vietnam AI-powered female-focused dating app Fika nets US$1.6M

Fika, an AI-powered social and platform in Vietnam, has secured US$1.6 million in seed funding led by Swedish firm VNV Global.

Global Founders Capital and Keith Richman's angel fund 31 Atlantic are the co-investors in the round.

A handful of global angels also participated, including Bryan Pelz (founder of VNG), Brian Ma (from Iterative Capital and founder of new unicorn Divvy Homes), Sebastian Knutsson (founder of Swedish unicorn King), Jussi Salovaara (co-founder of Antler), Madeleine Magnerius (VP at EQT Ventures), and Therese Mannheimer (CEO at Grace Health).

With the new investment, Fika targets expanding its talent bench, developing the app's AI capabilities, and enhancing its exposure in Vietnam.

The startup also looks to grow into new Asian regions before expanding globally in the long run.

Founded in 2020, Fika is a female-focused dating platform that prioritises safety and authenticity for users while forming and maintaining meaningful friendships. It focuses on creating an environment that is better suited to females instead of skewing towards men, who make up 75 per cent of the user base of traditional dating apps.

The startup uses AI technology to understand users' interests, likes and the kinds of profiles they swipe for and against to create tailored matches, suggestions and recommendations to support long-lasting relationships.

Besides, it also assists them from making friends to finding love and then deepening relationships through its Couple's Version. This version serves as a private online area for the couple to plan dates, chat, and receive information about their relationships, such as birthdays and anniversaries.

Fika requires registers to pass a manual verification check to protect its users. About 40 per cent of Fika's users were recorded to fail.

The platform currently focuses on Vietnam, a country with 100 million people and a median age of 32.

The app has clocked over 600,000 downloads so far.

“Fika is dedicated to helping find meaningful connections. The only way such truly meaningful connections are made and maintained is by creating an environment that encourages more women, one that makes women feel safe and secure,” said CEO and co-founder Denise Sandquist.

According to a report by Statista, revenue from the online dating market in Vietnam in 2021 is expected to reach US$26 millio. It will rise at a CAGR of 10.13 per cent during the 2021-2025 period.

By 2025, the number of Vietnamese users in the online dating sector is slated to reach 4.8 million.

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