fram^ quarterly operational investor letter #2 - Q4 2018

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Dearest shareholders and friends of fram^,

The office space that was empty in September is now already in the fourth quarter filled with approx. 50 hard-working framers. The fram^ group now has over 130 employees across Standing Teams and the Venture Builder and five offices: Stockholm, Ho Chi Minh City, Hanoi, Da Nang and Colombo. The Standing Teams division is in process with a handful of new potential high-profile global clients and the Venture Builder can now count five ventures that are already generating revenues.

fram^ - Standing Teams

Our Standing Teams division in Ho Chi Minh City and Da Nang has had a couple of exciting months with team expansions but also an influx of new clients, fintech being the main client segment. We have also partnered with a leading ecommerce company in South East Asia to support them within IT-development. Overall, the team has had good traction when pitching to large multinational companies in the region, and one potential client within IOT ("internet of things") stands out as particularly interesting.

Carmudi Vietnam

Carmudi successfully pioneered the add-on business model of "Inspection & Auction" (similar to Swedish Kvarndammen / in Vietnam in October. Over 30 cars had already been inspected and listed on during the first 30 days after launching. Carmudi also participated in the Vietnam Motor Show 2018 in October - the biggest car event during the year in Vietnam. During the event, the relentless Carmudi team managed to gather over 5,000 leads of buyers and sellers that are interested in buying and/or selling a car online. Both the event and Carmudi's participation in it was well covered in popular news sites such as VNexpress: and Dantri:


The launch of the Inspection & Auction business line is an exciting step for the company as it puts it on a growth path previously followed by large international peers, especially in China. All in all, it constitutes an important strategic step much closer to the actual car transaction with a logical increase in the share of the overall transaction value that Carmudi can secure in the value chain.

SmartBuddy Vietnam

Riding on the waves of the world's largest online shopping day ("11.11"), SmartBuddy ran "Singles day" promotions for our affordable insurance products and set a new daily sales record. Since the launch in September, SmartBuddy Vietnam already has over a thousand paying customers. SmartBuddy's 2.0 platform went live during the quarter, including the launch of the new category of private financial products (first product launched is credit cards) in partnership with two of Vietnam's largest banks, Asia Commercial Bank and Sacombank. In addition, SmartBuddy has closed several B2B sales, providing affordable insurance products to the vast amount of small and medium sized businesses around Vietnam (who previously couldn't afford insurance for their employees).

SmartBuddy Sri Lanka

The SmartBuddy team in Sri Lanka is off to a flying to start with sales coming both from direct sales and from online. In partnership with Ceylinco General (the leading insurance company in Sri Lanka), SmartBuddy has managed to reach over one thousand paying clients in October alone. In the beginning of the quarter, the team also moved into its first real office with a traditional inauguration where milk was boiled ceremoniously and traditional sweets consumed.

Nordic Coder

Nordic Coder just finished a first course on the programming language ReactJS. One of the participants in the course received an outside job offer as Front-End developer as an immediate consequence of completing the course. During the quarter, Nordic Coder has arranged more than 10 events on themes such as "tech talks", "career orientations", "demo days" and "ask-me-anything". Taken together, these events have attracted more than 300 participants. Nordic Coder will be expanding the course offering in November to include React Native, ReactJS and, NodeJS. Furthermore, the company will be launching some more basic courses in programming later during the quarter focusing on HTML/CSS and Javascript.


Our Edtech venture, Lasluz, is fully operational after hitting the ground running in the beginning of the quarter. The Lasluz business model matches the best pre-qualified tutors with students in need of extra study assistance. Parents in Vietnam consistently invest a large part of their disposable income in their children's education and its results. Extra tutoring is a core component in ensuring good exam results. The need for extra tutoring is hence widespread in the country and is already an established offline business and phenomenon. During the quarter, Lasluz has already successfully completed its first tutoring classes both offline and online, with paying participants. The team has also built close relationships with leading universities in both Ho Cho Minh and Hanoi.


After the terms sheet was signed, the fram^ team is working closely with the founders to prepare for the December sales season.


Fram^s other initiated, but not yet fully launched, ventures - i.e. "Credito" (SME lending) and "Benepay" (payment platform for employment benefits via vouchers) - are in pre-launch phase where the founders are completing basic company preparations, platform launch and initial sales efforts.


Kind regards,


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