Ascend Vietnam Ventures surpasses its fundraising goal of 50 million USD
Ascend Vietnam Ventures (AVV) announced that it has completed a USD 50 million funding round for the AVV Alpha seed stage venture capital fund.
Over the past 9 months, Ascend Vietnam Ventures has invested in 10 startups, including: Kilo (SaaS and wholesale marketplace for over 30,000 MSME retailers across Vietnam); Virtual Internships (a remote internship placement and management platform for companies in more than 70 countries worldwide); T&C Logistics (e-commerce platform); Mandu (platform to support retailers doing business on social networks).
AVV Alpha plans to invest up to USD 2 million/startup in 25 early-stage startups by 2023. At the same time, the fund can select a number of companies in the available portfolio to invest more capital. up to 5 million USD in the next funding rounds.
Ascent Vietnam Ventures Fund is led by Binh Tran and Eddie Thai (former partner of 500 Vietnam). The two have invested in Vietnam together since 2015 and supported international companies to develop in the country, such as Axie Infinity (NFT gaming unicorn), ELSA (AI-oriented education company later recognized by the US government). backed by Google’s AI-focused fund) and Trusting Social (the fintech company later backed by Sequoia).
Mr. Binh Tran commented: Vietnam is the perfect testing environment in Asia. Because people in the middle class are increasing, they are willing to spend on health care services, education and shopping.
On the other hand, many businesses increase their online activities such as attracting customers, automating customer care processes, increasing revenue and expanding business activities. This is an opportunity for Vietnamese startups to develop services to serve these needs, Mr. Binh Tran shared.
Mr. Eddie Thai said: “We believe in the ability of all entrepreneurs in Vietnam to do great things, no matter where they come from and in our capacity, opportunity and responsibility to do great things. help them do it.”
Currently, Ascend Vietnam Ventures is looking for and investing in the next generation of Vietnamese startups with the ambition to reach out to the world market.
In addition, the Fund will increase its commitment to invest in potential and diverse Vietnamese startups, especially those operating in the fields of finance, education or future work.
Source: Dien dan doanh nghiep
