The Rare Startup That Had All 5 Sharks Fighting: Organizing Trekking and Mountain Climbing at 40 Routes, No Debt, and a Revenue of VND 90 Billion

In Season 7 of Shark Tank Vietnam, To Ong Adventure sought an investment of 5 billion VND in exchange for 5% equity in their company.

To Ong Adventure is a leading provider of mountain climbing, hiking, and trekking tours in Vietnam. They offer three types of expeditions catering to beginners, experienced hikers, and adventure enthusiasts looking to test their endurance. Their tours range in price from 2.49 million to 4.69 million VND.

Since obtaining all the necessary permits for a travel company in 2019, To Ong Adventure has developed a portfolio of over 40 routes spanning various provinces in Vietnam, with 18 of those being commercially operated weekly. Additionally, the startup has been entrusted by several national parks to manage specific trails to promote sustainable tourism practices.

According to co-founder and CEO, Vo Thi Ngoc Thao, To Ong Adventure has built a capable team for researching, developing, and managing their products. This includes experts who can survive in the forest for extended periods to scout, design, and package unique adventure experiences.

To Ong Adventure is committed to sustainable practices and ensures that all trash generated during their hiking and trekking tours is removed from the natural environment.

When asked about risk management by Shark Le My Nga, founder and product director Dinh Bat Hoang explained that To Ong Adventure utilizes international resources, the team’s forest expertise, and calculations based on Vietnamese physical attributes to determine suitable hiking and trekking terrains. They also employ a customer situation assessment process to categorize danger levels and develop evacuation plans.

The company intends to use the 5 billion VND investment from Shark Tank to establish basecamps and develop new products.

Vo Thi Ngoc Thao shared that their vision is to rapidly expand in the next two years by leasing forest environments. To Ong Adventure aims to demonstrate their capabilities and earn the trust of national parks to manage desired trails.

With two existing basecamps in Ninh Thuan and Hoa Binh provinces, the company targets having five basecamps in five years. They also plan to diversify their sales channels and develop sites that meet international standards to attract foreign tourists.

Financially, the company has a chartered capital of 2.2 billion VND with no debt. Their revenue in 2023 was 89 billion VND, and they maintained a 12% profit after tax. In the first half of 2024, their revenue reached 36 billion VND.

The company experienced negative profits during the COVID-19 pandemic but quickly recovered. Their profits were 4 billion VND in 2022, 10 billion VND in 2023, and 4 billion VND in the first half of 2024 before their Shark Tank appearance.

Intrigued by the mountain climbing industry, Shark Thai remarked, “Climbing mountains can greatly boost one’s spirit. Nowadays, Gen Z tends to seek healing, and this is a great way to achieve that.” He promptly offered a deal of 1 million USD for 36% equity.

With her extensive experience in Certification QA, QC, and risk and safety control, Shark Le My Nga shared, “I can help you obtain safety certifications to showcase your commitment to bringing value to your customers.” She proposed an investment of 1 billion VND for 10% equity, with the remaining 4 billion VND as a convertible loan at an annual interest rate of 15%, later convertible to equity.

Shark Minh Beta, impressed by their business model, suggested a communication concept centered around “4 Es”: Environment, Exotic, Exclusive, and Engage with the community and the environment. He offered an investment of 2.5 billion VND for 5% equity, with the remaining 2.5 billion VND as a convertible loan.

Shark Binh, while acknowledging that their human-centric business model was not his typical investment preference, expressed interest in their operations. He proposed joining Shark Thai’s deal, offering 1 million USD for 36% equity.

Shark Hung, a travel enthusiast, seeing four Sharks already interested, offered to join any deal the company accepted, for a maximum of 5% equity.

Shark Minh Beta quickly proposed a partnership with Shark Hung, offering a combined investment of 5 billion VND for 10% equity (2.5 billion VND for 5% equity each). He also included a condition that, in addition to business KPIs, the startup must achieve KPIs for positively impacting the local community.

To Ong Adventure, seeking long-term investors who shared their values, negotiated with Shark Minh Beta and Shark Hung to adjust the equity to 7%.

The negotiation concluded successfully, with Shark Minh Beta, Shark Hung, and To Ong Adventure agreeing on an investment of 5 billion VND for 8% equity.