When Nguyễn Thị Phương Thảo and Phạm Minh Toàn appeared on Shark Tank Vietnam Season 6, Episode 5, they walked in with confidence. Their startup, InMergers, aimed to digitize Vietnam’s entire M&A (mergers and acquisitions) landscape — a market still dominated by personal relationships and slow paperwork.
The founders asked for $200,000 in exchange for 4% equity, valuing their company at $5 million. Despite having earned around 400 million VND (about $17,000) in total revenue, their bold valuation drew skepticism from the Sharks. They questioned whether the market was ready for such an ambitious idea.
In the end, none of the Sharks invested. But instead of fading away, InMergers took that public rejection and turned it into a story of reinvention and grit. What could have been a humiliating “no” became the beginning of their transformation into one of Vietnam’s most promising digital dealmaking platforms.
TL;DR (Too Long; Didn’t Read)
After being rejected on Shark Tank Vietnam, InMergers transformed its setback into success by pivoting its business model, expanding investor partnerships, and becoming one of Vietnam’s leading digital M&A platforms aiming for an IPO by 2028.
The Vision: Turning M&A Into a Digital Growth Engine
InMergers was officially founded in July 2021 by Thảo and Toàn, both of whom had deep backgrounds in finance and business consulting. Their mission was clear — to simplify the complex and often intimidating world of mergers and acquisitions for Vietnamese businesses.
Traditionally, if a company wanted to merge, sell, or attract investors, the process was lengthy and opaque. Deals were based on personal networks, trust was hard to establish, and legal bottlenecks were everywhere. Many promising deals failed simply because businesses lacked access to the right information or investors.
Thảo and Toàn saw a massive gap in this system. They envisioned InMergers as a one-stop platform that would connect businesses, investors, and brokers through data-driven technology. To achieve this, they created two key products — MMatch and MFund.
MMatch helps match businesses and investors looking for mergers or acquisitions. It uses advanced filtering tools that help both sides find the most compatible opportunities based on sector, size, and valuation. MFund, on the other hand, focuses on the fundraising side, linking startups and SMEs (small and medium enterprises) with potential investors.
According to Thảo, the company’s guiding principle is to “bring transparency, speed, and trust to every business deal.” Instead of treating M&A as a cold financial transaction, she believes it can become a growth engine for Vietnam’s economy — helping local businesses expand regionally and even internationally.
How the Shark Tank Rejection Helped Them Take Off
When their episode aired, the team didn’t expect what would happen next. Despite receiving no deal from the Sharks, InMergers’ visibility exploded overnight. Business owners, investors, and brokers suddenly knew their name.
In the weeks following the show, the founders were flooded with emails and phone calls from interested parties. Many investors, including ones from Japan, Singapore, and South Korea, reached out to learn more about the platform. Some even expressed regret that the Sharks had overlooked such a forward-thinking business model.
The show had given them what every startup dreams of — massive exposure and credibility. It proved that being on Shark Tank isn’t just about the investment; it’s about the narrative.
However, this wave of interest revealed a new challenge. While many investors were eager to explore deals, there weren’t enough investment-ready Vietnamese businesses listed on the platform. The demand was high, but the supply wasn’t keeping up.
A Smart Business Model Shift
To respond to this imbalance, the team took a bold step. Instead of working purely on commission like traditional M&A brokers, InMergers decided to pivot its business model toward subscription-based consulting packages.
Each package was designed to guide businesses through the full M&A or fundraising journey — from valuation and due diligence to negotiation and deal closure. Their packages include services for companies preparing to sell, investors looking to buy, and even businesses that need to understand how to make themselves “investment-ready.”
For instance, the “M&A Ready” package trains small and medium businesses on how to become more attractive to investors. It includes workshops, financial assessments, and access to expert consultants. Another service, “M&A Hunting,” assists investors in finding target companies that match their criteria.
By adopting this model, InMergers solved two key problems at once. First, it generated steady revenue, reducing the company’s reliance on one-time deal commissions. Second, it improved deal success rates by ensuring both buyers and sellers were better prepared before entering negotiations.
This model shift gave them a sustainable advantage — a hybrid between consultancy and technology that few Vietnamese startups have achieved.
The New Challenge: Too Many Buyers, Not Enough Sellers
By 2024, InMergers had grown into a respected name in Vietnam’s startup ecosystem. Their biggest challenge now wasn’t finding investors — it was finding enough businesses ready to sell or merge.
InMergers’ internal data revealed that for every 10 investors, only about 2 to 3 businesses were fully qualified for a deal. The main reasons were lack of proper documentation, unclear valuations, and owners who weren’t ready to give up partial control.
To fix this, the founders leaned heavily on their M&A Ready package, turning it into a kind of “startup accelerator for sellers.” Through personalized consulting and valuation tools, InMergers helped businesses clean up their finances, understand their worth, and prepare strategic growth pitches for investors.
This proactive approach started to balance the market dynamics. Instead of waiting for deals to appear, InMergers began creating deal-ready businesses from scratch. This move strengthened their brand reputation and reinforced their mission to empower Vietnam’s emerging entrepreneurs.
Building Global Trust Through Smart Governance
Behind InMergers’ rising credibility is a thoughtful organizational design. Unlike many young startups, they invested early in corporate governance. Alongside CEO Thảo and CMO Toàn, they have a Chief Legal Officer (CLO) and Chief Technology Officer (CTO) — roles critical to managing cross-border deals and data security.
The CLO ensures all transactions meet Vietnamese and international legal standards, helping foreign investors feel safe when engaging with local businesses. The CTO oversees platform development and ensures the data-driven matchmaking system operates efficiently.
InMergers has also become an active member of the BNI (Business Network International) community. Through this network, they’ve formed partnerships in Japan, Korea, Singapore, and Thailand, allowing them to attract international capital into Vietnamese businesses.
By collaborating instead of competing with local brokers, InMergers has built an ecosystem where everyone — from traditional consultants to investors — benefits.
Technology at the Heart of the Platform
InMergers identifies itself as a “4.0 technology platform,” meaning it combines automation, big data, and AI to streamline complex processes. Their auto-matching algorithm scans hundreds of business profiles and investor requests to identify the best possible matches in seconds.
They’ve also developed a valuation calculator using the Discounted Cash Flow (DCF) method, a globally recognized standard for determining a company’s fair market value. This tool allows small businesses to understand their real worth before approaching potential investors.
According to the Vietnam Investment Review (2025), M&A deal volumes have dropped by 30% over the past year, but the number of smaller, tech-driven transactions has increased sharply.
This aligns perfectly with InMergers’ approach — serving the growing demand for smaller, faster, more transparent deals.
Expert Insight: Why This Model Works
Dr. Nguyen Hoang Minh, a financial analyst at the Ho Chi Minh University of Banking, summarized InMergers’ success best:
“InMergers has captured a critical niche in Vietnam’s business ecosystem. By digitizing advisory work and offering structured service packages, they’ve built a model that focuses on long-term ecosystem development instead of chasing short-term commissions.”
Dr. Minh’s insight reflects why industry professionals view InMergers not just as another startup, but as a pioneer reshaping how business deals happen in Vietnam.
Timing the Market Right
Vietnam’s M&A market has undergone a major transformation. The average deal size has dropped from $52 million in 2023 to about $23 million in early 2025, signaling a shift toward mid-sized and tech-driven transactions.
What’s more, domestic investors now make up nearly 29% of total deal value, compared to just 16% the year before. This proves that local confidence in M&A activity is growing — a perfect environment for InMergers to thrive.
In this new market, companies like InMergers have the upper hand. Their technology-driven approach allows them to handle a higher number of smaller deals efficiently — something traditional brokers can’t easily do.
Looking Ahead: The Road to IPO 2028
The founders have set an ambitious goal — to take InMergers public by 2028. To reach this milestone, they plan to expand their service coverage beyond Vietnam, strengthen their AI capabilities for deal vetting, and continue building partnerships with both domestic and international investors.
Although InMergers has not disclosed updated financials or valuation figures publicly, insiders estimate that the company’s market position and visibility have improved significantly since 2023. If they sustain this growth pace, analysts believe they could become Southeast Asia’s leading digital M&A platform within the next three years.
A Lesson in Resilience and Reinvention
InMergers’ story is more than a startup success. It’s a case study in perseverance. When the Sharks said no, the founders didn’t see it as a dead end. They saw it as a data point — a signal to refine, not retreat.
Their ability to pivot, build trust, and introduce professionalism into a fragmented market shows why they’re still standing strong today. In a way, the rejection on Shark Tank Vietnam became their real first investment — an investment in public awareness.
By combining technology, governance, and human empathy, InMergers is not only modernizing Vietnam’s business ecosystem but also inspiring a generation of entrepreneurs to believe that failure can be the beginning of something extraordinary.
FAQs About InMergers After Shark Tank Vietnam
What is InMergers and how does it work?
InMergers is a Vietnamese digital M&A platform founded by CEO Thảo Nguyễn and CMO Toàn Phạm. It connects businesses, investors, and brokers for mergers, acquisitions, and fundraising. The platform offers two key products: MMatch for M&A matchmaking and MFund for investment and fundraising support.
Did InMergers get a deal on Shark Tank Vietnam?
No, InMergers did not receive an investment on Shark Tank Vietnam Season 6, Episode 5. The founders asked for $200,000 for 4% equity, valuing the company at $5 million. However, the Sharks declined due to valuation and scalability concerns.
What happened to InMergers after Shark Tank Vietnam?
After Shark Tank, InMergers gained national attention and investor interest despite not securing a deal. The founders pivoted their business model, launched paid consulting packages, and expanded partnerships with foreign investors through the BNI network. This shift helped the company grow its reputation as Vietnam’s leading digital M&A startup.
Is InMergers still in business in 2025?
Yes, InMergers is still active in 2025. The company continues to grow in Vietnam’s M&A sector by combining technology, consulting, and legal governance. It remains a trusted platform for both local and international investors.
What is InMergers’ net worth or valuation in 2025?
While InMergers has not publicly disclosed its current valuation, experts estimate the company to be worth several million dollars based on platform growth and strategic partnerships. The founders initially valued it at $5 million on Shark Tank Vietnam in 2023.
Who are the founders of InMergers?
InMergers was founded by CEO Nguyễn Thị Phương Thảo and CMO Phạm Minh Toàn. They are joined by a Chief Legal Officer (CLO) and Chief Technology Officer (CTO), forming a strong leadership team that blends finance, law, and technology expertise.
What services does InMergers provide?
InMergers offers end-to-end M&A consulting and digital matchmaking through MMatch and MFund. They provide services like business valuation, buyer-seller matching, investment readiness training, deal negotiation, and international investor connections.
How does InMergers make money?
InMergers earns revenue from consulting fees and subscription packages. Instead of relying only on commission from closed deals, they offer service packages that guide companies through every stage of mergers and fundraising, creating a stable income stream.
Where is InMergers based?
InMergers is headquartered in Ho Chi Minh City, Vietnam, and works with investors and brokers across Southeast Asia, including Japan, Korea, and Singapore.
What are InMergers’ future plans?
InMergers plans to expand regionally and integrate AI tools into its platform to improve matchmaking and due diligence. The company aims to go public by 2028, becoming Vietnam’s first digital M&A powerhouse.
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