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Ascend Vietnam Ventures has exceeded its US$50 million target for its flagship early-stage venture capital fund, AVV Alpha.

The unique combination of Singapore, Indonesia and Vietnam’s strengths can help innovate and accelerate growth.

Vietnam remained third in Southeast Asia, behind Singapore and Indonesia, in terms of the number of investments and amount of funding for startups.

The program, launched for the first time, draws the participation of 20 investors and strategic partners.

They have contributed to addressing problems such as improving transportation in congested cities, expanding affordable connectivity in remote regions, and preventing food waste.

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The investment will be used in advancing Shiok Meats’ research & development activities and build a state-of-the-art production facility in Singapore.

Southeast Asia-focused venture capital funds are putting more effort into early-stage investment in Vietnam, and such a trend is expected to continue growing in the next 10 years.

With the deal, the group will “realize the commitment” to nurturing young Vietnamese entrepreneurs for societal betterment through smart transportation, smart city development and digital transformation.

2020 was a challenging year but also presented many opportunities for innovation and technology investment globally and domestically.

Proptech, standing for property and technology, is expected to tackle the current problems of Vietnamese real estate.

Two Vietnamese companies share the goal of boosting the digital transformation process among the local business community.

The fresh investment aims to contribute to perfecting infrastructure of decentralized finance (DeFi).

The startup wishes to replace 250 million gasoline motorbikes with electric scooters in Southeast Asia.

By cooperating with startups, major enterprises could accelerate their development process by having access to new technologies and solutions, which otherwise would take long time to develop by themselves.