Innoven Capital, Southeast Asia’s largest venture debt provider, has completed its inaugural deals in Vietnam, providing both Tiki.vn and UP Co-working with less-dilutive loan capital to support their fast-paced growth.
Both Tiki and UP are market leaders in Vietnam in their respective industries. Moving forward, Innoven will continue to focus on opportunities in Vietnam, with a few more companies already currently in the pipeline.
“Vietnam has always been an integral part of our investment thesis. We have been actively exploring opportunities and building relationships in the country ever since we started our Southeast Asian operations three years ago. With growing investor interest in start-ups in Southeast Asia, we see more and more companies and founders in the region, particularly in Vietnam, wanting to use less-dilutive loan capital to accelerate expansion,” said Chin Chao, CEO of Southeast Asia.
Apart from working with later-stage companies such as Tiki and UP, Innoven has continued to offer venture loans to companies at earlier stages of maturity. Recently, Innoven participated in the seed rounds of Indonesia-based logistics company Kargo Technologies and regional e-scooter sharing company Beam Mobility. Innoven continues to strengthen its presence in Southeast Asia, growing its portfolio to over 40 companies across Vietnam, Indonesia, Malaysia, Singapore and Thailand.
Innoven Capital, a joint venture between Temasek Holdings and UOB Bank, is Asia’s leading venture debt firm, providing less-dilutive loan capital to high-growth ventures across India, China and Southeast Asia, stated the firm.
Since inception, Innoven Capital has supported over 200 portfolio companies across all geographies with over US$500 million in financing. Other portfolio companies based in Southeast Asia include market leaders such as Akulaku, Carsome, Deskera, Fave, Instarem, M17 Entertainment, Pomelo and RedDoorz.
