29 Jun Ascend Vietnam Ventures surpasses US$50M target, committed to investing in diverse founders building global startups in Vietnam
Following our launch announcement in late June 2021, today, we are excited to share that we have exceeded the $50M target for our flagship early-stage venture capital fund, AVV Alpha. We are actively investing in the next wave of globally iconic tech companies emerging from Vietnam.
We are grateful for the many “believers” from Asia, Europe, and the U.S., who have committed to the fund. Our backers include development finance institutions, funds of funds, corporate VCs, and family offices. Our LPs are champions not only of AVV but also of the Vietnam tech ecosystem, and we are thrilled to have them on board.
A representative of one of our LPs, Dave Richards, Managing Partner at Capria Ventures, shared, “Vietnam’s start-up ecosystem has demonstrated rapid growth, unique solutions, and the ability to create meaningful differences at scale. Capria has chosen to invest in AVV because of their extensive knowledge and networks in Vietnam, positive track record as entrepreneurs themselves and as investors in the next generation of top startups in the region. This is Capria’s first partnership in Vietnam and we look forward to contributing to a fast growing vibrant digital economy.”
Alongside newly committed capital, AVV has bolstered its operations and management by
- Expanding the team with new members who bring deep operational experience to our portfolio. Our team has worked at various companies including leading global tech giants like Google, Uber, and ByteDance to startups like Misfit Wearables, Topica, and venture builders like Rocket Internet.
- Assembling a top-tier Board of Advisors. A diverse and stellar group of local and international leaders have committed to providing mentorship and counsel to us and our founders, including
- Thuan Pham: CTO of Coupang, former CTO of Uber
- Madame Ton Nu Thi Ninh: former member of Vietnam’s National Assembly and founder & president of the Ho Chi Minh Peace & Development Foundation
- Bryan Pelz: founding CEO of VNG (Vietnam’s first unicorn), 13-time entrepreneur, and current/past board member of FPT Software, VietnamWorks, VNG, and Pizza 4Ps
- Edith Yeung: General Partner at Race Capital and Investor in 60+ startups including 4 unicorns (FTX, Solana, Stellar, and Agora.io)
- And other leaders across various sectors.
AVV is exploring a broad range of tech investment opportunities and is particularly interested in financial inclusion, education, and future of work. We aim to invest up to $2M into 25 startups by next year and follow on with checks of up to $5M.
AVV Alpha has already invested or committed to 10 startups in the past 9 months, including
- Kilo (SaaS & wholesale marketplace for over 30,000 MSME retailers across Vietnam)
- Virtual Internships (remote internship placement & management platform for companies in over 70 countries worldwide)
- T&C Logistics (ecommerce fulfillment platform starting in Vietnam)
- Mandu(social commerce platform focused on reseller enablement)
The likes of Axie Infinity, ELSA, and Trusting Social1 have proved the ability of entrepreneurs in Vietnam to transform the lives of people everywhere. The momentum is palpable, and we at AVV believe in our ability, opportunity, and obligation to give them the world-class resources and support they deserve. If you are a founder looking for an investor and long-term partner to help you build a global or regional market-leading company, reach out to us here.
Binh & Eddie
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Disclaimers and notes: This article reflects the personal views of Eddie Thai and Binh Tran, and not necessarily the views of Ascend Vietnam Ventures. Nothing in this article should be construed as an offer, invitation, or solicitation for investment or be construed as investment advice.
1 Axie Infinity, ELSA, and Trusting Social are portfolio companies of 500 Startups Vietnam