New fund to support startups in Vietnam

Two partners at U.S. venture capital fund 500 Startups have founded Ascend Vietnam Ventures with plans to invest in 25 local companies.

Their early-stage investments will range from $500,000 to $2 million and be in tech startups in areas like finance, education, healthcare, productivity, and future of work, according to a statement.

Around a third of the startups will receive follow-up investments of $4 million, it added.

The fund was set up by Binh Tran and Eddie Thai, general partners at 500 Startups Vietnam, which was launched in 2016 by the Silicon Valley startup accelerator and VC fund to capitalize on Vietnam’s growing market.

500 Startups Vietnam raised $14 million in 2018, which has been fully invested in more than 70 companies.

Some of its notable investments have been in language learning app ELSA, Base.vn, which was acquired by IT giant FPT Corporation, and Axie Infinity, whose latest round includes Mark Cuban as an investor.

Investment in startups in Vietnam jumped by 34 percent year-on-year in the first quarter to $100 million, according to a report by South Korean venture fund Nextrans.