“We failed to make DesignBold become a leading and popular design tool,” the company said on its website.
“As a startup, DesignBold faced a lot of problems, and as the world reeled, we witnessed waves of rapidly evolving technologies, design tools, and business markets that demanded us to pivot for innovative exploration and catch the waves head-on,” the statement continued.
Founded in 2016 – the same year as Canva, which is now valued at about US$19 billion – DesignBold aims to “empower everyone from everywhere to create visual content limited only by their own imagination.”
According to Tech in Asia’s database, the startup has not raised venture capital funding in the past five years. It was crowned as the winner of the “fan favorite” category at the Echelon Asia Summit 2017.
DesignBold’s co-founder and CEO, Hung Dinh, also confirmed the closure to Tech in Asia, saying that he wanted to focus on building his new venture, the Rada Blockchain Seed Investment Community.
Dinh is a well-known tech entrepreneur and investor in Vietnam. In 2015, he was on Tech in Asia’s list of the top 10 people to meet if you wanted to understand Vietnam’s startup ecosystem.