Ecosoi: BizCare's second mentee successfully raised 3 billion VND for 30% share

ECOSOI, a startup founded and led by Vũ Thị Liễu, made an appearance on the latest episode of Shark Tank Vietnam to showcase its green technology: fabric made from pineapple leaves.

Source: Shark Tank

Following in the footsteps of Truong Foods, in episode 13 Liễu brought her product to Shark Tank Vietnam with the aim of securing $100,000 for a 20% stake in the company. ECOSOI is one of the mentees currently being nurtured in the BizCare incubator.

Pineapple is a commonly grown crop in Vietnam, with over one million tons of pineapples harvested by farmers every year. This also means that millions of pineapple leaves are discarded each year. Recognizing this issue, ECOSOI was founded in 2021 with a focus on developing machines that can create fabric from sustainable materials such as the pineapple leaves. The company's products have already gained a following in Vietnam and have been showcased at several eco-fashion events in Switzerland, Canada, and Greece.

Source: ECOSOI

ECOSOI's machines, including fiber stripping, carding, and combing machines, are used to produce raw and carded fibers. The startup plans to launch a new industrial thread product line for the fashion industry in 2023. ECOSOI is projected to have revenues of VND 4.7 billion in 2022, VND 40 billion in 2023, and VND 71.5 billion in 2024, with a profit margin of around 15% on revenue.

After Liễu's presentation, the Sharks expressed interest in the product, seeing it as a good fit for the market's current eco-friendly trend. During this funding round, the company set a maximum stake of 25%. The funds raised will be used to refine the production process and expand production to meet the needs of customers in a timely manner. Ultimately, Shark Hung Anh closed the deal, offering VND 3 billion for a 30% stake in the company, as well as support in building a more effective and professional company model.

ECOSOI's innovative approach to sustainability and fashion is certainly worth watching in the coming years as the company grows and establishes itself as a leader in the eco-fashion industry.