The figure was 40% higher than the fund target of US$10 million, in which investors include GS Shop, Humax, and NCore, among others.
Vietnam-focused fund 500 Startups Vietnam, a US$10-million fund backed by Silicon Valley startup accelerator and venture capital firm 500 Startups, has raised US$14 million to invest in local companies, said the fund in its latest blog post.
The figure was 40% higher than the fund target of US$10 million, in which investors include GS Shop, Humax, and NCore, among others, wrote 500 Startups Vietnam partner Eddie Thai.
500 Startups Vietnam planned to back up 64 startups with this fund, with check size that will mostly be in the US$100,000 range and potentially up to US$250,000, he added.
According to the fund, Vietnam was not an obvious tech investment destination several years ago, but “entrepreneurial folks did see elements of something special: a fast-growing economy; a substantial supply of low-cost, high-tech talent; and a broad and experienced Vietnamese diaspora increasingly interested to reconnect with and contribute to the country. A new wave of tech founders decided to take the plunge.”
500 Startups Vietnam has invested almost US$3million in 36 companies to date, with a focus on companies serving the Vietnamese market and/or leveraging Vietnamese talent. It invests across industries, including e-commerce, edtech, fintech and blockchain.
Data and analysis by Topica Founder Institute showed that startup funding in Vietnam has increased from 29 deals in 2014 to 92 deals in 2017. Several new funds have been launched recently to invest in more Vietnam-connected startups, including ESP Capital, VinaCapital Ventures, Startup Viet Partners, and Zone Startups Vietnam, among others.
In 2018, Vietnam’s digital economy has made a turnover of US$9 billion in gross merchandise value (GMV) across online travel, e-commerce, online media and ride hailing, which is akin to “a dragon being unleashed”, described the latest report jointly launched by Google and Singapore’s state investment firm Temasek.
With e-commerce growth almost doubling in 2018 from a year earlier, and as online advertising and gaming growing at more than 50% year on year, the Vietnamese internet economy is booming. Amidst one of the lowest penetrations of online travel bookings in the region, the online travel market has also huge headroom for growth, according to the report.
The country’s internet economy value is projected to reach US$33 billion by 2025, at a compounded annual growth rate (CAGR )of 25% in 2015 – 2025.
Illustrative photo.
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500 Startups Vietnam planned to back up 64 startups with this fund, with check size that will mostly be in the US$100,000 range and potentially up to US$250,000, he added.
According to the fund, Vietnam was not an obvious tech investment destination several years ago, but “entrepreneurial folks did see elements of something special: a fast-growing economy; a substantial supply of low-cost, high-tech talent; and a broad and experienced Vietnamese diaspora increasingly interested to reconnect with and contribute to the country. A new wave of tech founders decided to take the plunge.”
500 Startups Vietnam has invested almost US$3million in 36 companies to date, with a focus on companies serving the Vietnamese market and/or leveraging Vietnamese talent. It invests across industries, including e-commerce, edtech, fintech and blockchain.
Data and analysis by Topica Founder Institute showed that startup funding in Vietnam has increased from 29 deals in 2014 to 92 deals in 2017. Several new funds have been launched recently to invest in more Vietnam-connected startups, including ESP Capital, VinaCapital Ventures, Startup Viet Partners, and Zone Startups Vietnam, among others.
In 2018, Vietnam’s digital economy has made a turnover of US$9 billion in gross merchandise value (GMV) across online travel, e-commerce, online media and ride hailing, which is akin to “a dragon being unleashed”, described the latest report jointly launched by Google and Singapore’s state investment firm Temasek.
With e-commerce growth almost doubling in 2018 from a year earlier, and as online advertising and gaming growing at more than 50% year on year, the Vietnamese internet economy is booming. Amidst one of the lowest penetrations of online travel bookings in the region, the online travel market has also huge headroom for growth, according to the report.
The country’s internet economy value is projected to reach US$33 billion by 2025, at a compounded annual growth rate (CAGR )of 25% in 2015 – 2025.
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