In December 2023, Vietnam’s startup scene watched history unfold. Aplus Home, a property technology startup, made headlines after securing a record-breaking 2 million dollars on Shark Tank Vietnam. Viewers were thrilled, seeing it as a sign that the country’s young entrepreneurs were ready to compete on the global stage.
Aplus Home’s vision seemed simple but powerful. The company wanted to reshape urban living by offering affordable, well-designed rental spaces for young professionals in cities like Hanoi and Ho Chi Minh City. The model promised high efficiency, digital booking through an app, and flexible contracts that suited Vietnam’s growing urban workforce.
However, in June 2025, just 18 months after its celebrated deal, Aplus Home quietly disappeared. Records from the Vietnam National Business Registration Portal (2025) confirmed its official dissolution due to insolvency. The company had no remaining assets, and its once-active website went offline.
This dramatic fall left many asking: How did Vietnam’s biggest Shark Tank success turn into a complete collapse so fast?
TL;DR (Too Long; Didn’t Read)
Aplus Home, once celebrated for winning a record $2 million deal on Shark Tank Vietnam, collapsed in 2025 after expanding too fast and running out of cash. Its downfall shows that even the biggest startup deals can fail when hype overtakes financial discipline and sustainable growth.
The big idea that inspired young Vietnam
Aplus Home was founded in 2021 by Đào Quý Phi under the backing of Beta Group, led by well-known investor Bùi Quang Minh (Minh Beta). Beta Group had already succeeded in running affordable cinema chains, so applying that “affordable luxury” model to housing seemed like a natural next step.
The company’s idea was to convert unused or underutilized apartments into shared, modern, and managed housing. Every unit came fully furnished with Wi-Fi, utilities, and maintenance included. Tenants could book short or long-term stays through a mobile app, which was an attractive option for digital workers and students.
In 2023, Aplus Home claimed a 95% occupancy rate across its properties. It also announced reaching break-even — a rare milestone for young Vietnamese startups. At the time, Vietnamese media praised the company as a “new standard” for co-living in Southeast Asia.
Statistic: Vietnam’s co-living market was valued at nearly $300 million in 2023, growing at an annual rate of 7.5%.
With a tech-forward approach and strong local support, Aplus Home became a role model for innovation. Many students and young workers dreamed of living in one of its stylish, affordable spaces.
The Shark Tank moment that changed everything
The company’s fame exploded after its appearance on Shark Tank Vietnam Season 6. CEO Đào Quý Phi entered the tank asking for 2 million dollars for 11.8% equity, valuing the startup at roughly 17 million dollars.
The pitch impressed investors. It was a confident presentation filled with statistics, sleek visuals, and a story that resonated with Vietnam’s growing middle class. Shark Phạm Thanh Hưng, one of the country’s most respected real estate investors, struck the deal: $500,000 for 4% equity and another $1.5 million as a conditional loan to be repaid within 24 months.
That deal became the largest in Vietnamese Shark Tank history. News outlets celebrated it as proof that local startups could reach international investment levels. However, not all the sharks were convinced. Shark Nguyễn Hòa Bình, known for his cautious investing style, warned that “real estate startups often look solid on the outside but are fragile inside.”
His warning went largely unnoticed — until it proved prophetic.
The first cracks behind the perfect pitch
Behind the glowing TV moment, trouble was already building. Even before the episode aired, financial insiders reported that Aplus Home was struggling with cash flow. The company had raised 2 million dollars in a seed round earlier and another $500,000 from angel investors, but operational costs were spiraling.
Renovating old apartments sounded efficient in theory but was costly in practice. Many of the units needed plumbing, electrical, or structural fixes. Every broken air conditioner, cracked wall, or outdated bathroom required new spending.
“Low-margin housing models fail fast when even one part of the system breaks,” said Dr. Nguyen Hoang, a real estate economist at the University of Economics, Ho Chi Minh City. “Managing hundreds of aging buildings requires capital discipline and steady cash flow. If either fails, collapse is almost guaranteed.”
Aplus Home’s heavy reliance on short-term tenants also added instability. During slow rental months, revenue dropped sharply, while costs stayed constant. By late 2023, the company’s financial structure looked stretched and fragile.
The collapse nobody expected
After the Shark Tank deal, Aplus Home expanded rapidly. The team grew, new locations opened, and marketing campaigns flooded social media. For a brief period, the company seemed unstoppable.
But rapid expansion came at a price. Operational costs soared, staff salaries increased, and property upgrades consumed most of the fresh investment. The $1.5 million conditional loan, which had to be repaid within 24 months, became a ticking time bomb.
By mid-2024, reports surfaced that Aplus Home was delaying payments to suppliers and struggling to pay rent to property owners. Several landlords began withdrawing their contracts, causing a loss of key properties.
In June 2025, Aplus Home officially filed for dissolution. Its net worth had fallen to zero, and some analysts believe it carried unpaid debts exceeding $1 million.
The once-bright future of Aplus Home was gone almost overnight, leaving behind disappointed tenants, silent investors, and a trail of lessons for Vietnam’s startup community.
When Shark Tank gets it wrong
Shark Tank Vietnam had built a reputation for identifying winners. But Aplus Home’s downfall shows that even expert investors can misjudge the risks of scaling too quickly.
The company’s financial records, reviewed by local analysts, revealed several red flags:
- Unrealistic projections. Aplus Home expected $1.4 million in 2023 revenue but fell short by nearly 40%.
- Thin profit margins. The cost of renovation, staffing, and maintenance nearly matched rental income.
- High marketing burn. The company spent heavily on advertising to maintain occupancy rates.
- Debt pressure. The conditional loan placed repayment obligations that drained operating capital.
While the idea itself was strong, execution proved too costly. Aplus Home’s story highlights the importance of sustainable growth and transparent reporting — lessons often forgotten in the excitement of TV fame.
The bigger picture: Vietnam’s startup scene
It is important to note that Aplus Home’s fall didn’t reflect a weak economy. In fact, Vietnam’s GDP grew by 6.6% in 2025, one of the highest in Asia. Real estate investment stayed strong, and consumer spending on housing continued to rise.
The problem lay within the company’s internal structure and financial discipline. While competitors like Propzy and Rever tightened expenses and focused on sustainable growth, Aplus Home expanded faster than its cash flow could support.
Many industry experts now view the Aplus Home collapse as a cautionary example of “Shark Tank syndrome” — when TV exposure creates pressure to grow quickly rather than wisely. Startups chase validation instead of value, and when reality hits, they crumble.
Lessons for future founders
The Aplus Home story leaves valuable lessons for future entrepreneurs:
- Build slow, not loud. Real success comes from stable profits, not viral fame.
- Understand your margins. Even great ideas fail when costs spiral out of control.
- Avoid complex conditional funding. Debt-based deals can trap young startups.
- Be transparent with investors. Honesty builds trust even when numbers are tough.
As one Vietnamese investor noted after the collapse, “Startups don’t die from competition — they die from cash flow.”
A dream that outgrew reality
Aplus Home started with a noble dream: to make modern living affordable for Vietnam’s youth. Its founders believed in innovation, community, and change. But in chasing speed, they lost stability.
Their story is now a reminder that big dreams need solid foundations.
Aplus Home didn’t fail because the idea was bad — it failed because execution couldn’t keep up with ambition.
Even Vietnam’s most celebrated Shark Tank deal became a lesson in humility. Success on television doesn’t guarantee success in the market.
For Vietnam’s next generation of founders, the message is clear: grow smart, stay grounded, and remember that hype fades — but good business endures.
FAQs
What was Aplus Home from Shark Tank Vietnam?
Aplus Home was a Vietnamese property technology startup founded in 2021 under Beta Group. It offered affordable, furnished apartments for young professionals and students using a digital co-living platform. The company became famous after winning a $2 million deal on Shark Tank Vietnam in 2023.
How much did Aplus Home get from Shark Tank Vietnam?
Aplus Home received a record-breaking $2 million deal during Season 6 of Shark Tank Vietnam. Shark Phạm Thanh Hưng invested $500,000 for 4% equity and an additional $1.5 million as a conditional loan to be repaid within 24 months. It was the largest deal in the show’s history.
Why did Aplus Home fail after Shark Tank?
Aplus Home collapsed due to poor cash flow management, high renovation costs, and the pressure of repaying its $1.5 million conditional loan. Despite strong demand, its low-profit margins and rapid expansion led to financial losses, resulting in its official dissolution in June 2025.
Is Aplus Home still in business in 2025?
No, Aplus Home is no longer in business. According to the Vietnam National Business Registration Portal, the company was officially dissolved on June 15, 2025, after running out of funds and failing to meet debt obligations.
Who founded Aplus Home?
Aplus Home was founded by Đào Quý Phi and supported by investor and entrepreneur Bùi Quang Minh, also known as Minh Beta. The company operated under Beta Group, which previously succeeded in the affordable entertainment sector with Beta Cinemas.
What was Aplus Home’s valuation on Shark Tank Vietnam?
During its Shark Tank pitch, Aplus Home was valued at approximately $17 million, based on its offer of 11.8% equity for $2 million. However, experts later criticized this valuation as overly optimistic given its early-stage financials.
What can startups learn from Aplus Home’s failure?
The fall of Aplus Home teaches that sustainable growth is more important than fast expansion. Founders should focus on cash flow, avoid complex conditional funding, and maintain transparency with investors. It also shows that TV exposure can’t replace solid financial planning.
How did Vietnam’s economy impact Aplus Home’s collapse?
Vietnam’s economy was actually strong when Aplus Home failed, with a GDP growth rate of 6.6% in 2025. This suggests the collapse was not caused by market conditions but by internal management and financial issues within the company.
Was Aplus Home’s Shark Tank deal ever finalized?
Although the $2 million deal was announced on air, it is unclear whether the full investment was finalized after filming. Some industry insiders believe that only part of the funding was disbursed due to the company’s declining financial health.
What industry did Aplus Home operate in?
Aplus Home worked in the proptech (property technology) and co-living sector. The company managed apartment buildings and offered short and long-term rentals through an app-based booking system targeting Vietnam’s urban youth and digital workforce.