80% of the projects registered for the second season of SwitchUp 2024 hail from across the globe, with 22 successfully raising over $1 million.
The second season of the fundraising accelerator program is co-organized by the Vietnam Blockchain Association and Spores Network. Approximately 350 projects from countries outside Vietnam are participating, with 40% from Asia and 26% from Europe. Notably, when including Vietnamese projects, Asia accounts for 60% of the program’s total, reflecting the robust growth of the technology sector in this dynamic young economic region.
In terms of industries, GameFi continues to lead, representing nearly 31% of participating projects, followed by DeFi at 26%, which saw a slight increase compared to 2023. Infrastructure projects make up 16.5%, showing a slight decrease from the previous year, while AI projects have risen to 7%, up from 0% in 2023.
Additionally, the focus areas of participating projects highlight the global tech startup ecosystem’s growing interest in SocialFi, Real World Assets (RWA), and Regenerative Finance (ReFi), with an emphasis on addressing environmental protection concerns.
On the financial front, more than 200 projects at SwitchUp 2024 have successfully raised funds in the past. Among them, 47 projects secured over $500,000, and 22 raised more than $1 million from major investors such as HashKey Capital, Hashed, Aptos Foundation, BigBrain Holdings, Shima Capital, Binance Labs, Polygon, OKX, and WorldCoin. Collectively, these projects bring a community of over 10 million members to the SwitchUp Accelerator, averaging around 25,000 members per project.
After selection, participating projects will undergo multiple evaluation rounds by reputable and experienced members from the Investment Committee (IC) and renowned organizations such as Maven Capital, ABCDE, Skyvision, ViaBTC, IDG Capital Vietnam Blockchain, AppWorks, Amazon Web Services, Amnis Finance, Spores Network, CoinEx, among others. Candidates will also receive exclusive support and benefits from program partners, along with one-on-one mentorship from top industry experts.
Ms. Nguyễn Vân Hiền, Secretary-General of the Vietnam Blockchain Association, emphasized that SwitchUp Season 2 has achieved remarkable growth in both the quantity and quality of participating projects, building on its 2023 success. “This reflects the credibility, influence, and outreach of the program. More importantly, it showcases the tangible value that VBA and SwitchUp are contributing to the tech startup community,” she stated.
Participating startups will undergo a comprehensive five-week training program, equipping them with essential knowledge and skills to enhance their fundraising success and achieve sustainable development in the Web 3.0 industry. The most outstanding startups will have the opportunity to present their projects to international investors and the blockchain community during Demo Day, creating avenues for investment and increasing visibility for their initiatives.
Mr. Nguyễn Ngọc Hưng, Deputy Head of the Investment Promotion Committee of the Vietnam Blockchain Association and representative of Spores Network commented on the growth and diversity of projects at SwitchUp 2024, emphasizing blockchain’s transformative impact on a global scale. “Through this program, we aim for comprehensive solutions with stronger and more positive impacts on social life and the global environment,” he stated.
In 2023, the SwitchUp Accelerator Program attracted 250 projects, with 12 outstanding ones advancing to the finals and achieving notable success. Ten of these finalists garnered significant interest and secured investment and support offers totaling $1 million from major investment funds and partners such as IDG Capital Vietnam Blockchain, Ferrum Network, Republic, and AWS.