Latest regional micro-fund to identify up to 150 projects in Vietnam.
500 Startups Vietnam, the latest regional micro-fund of 500 Startups, will spend $10 million on 100-150 investments in Vietnam-connected startups, establishing teams addressing Vietnam’s market needs and Vietnamese teams tackling overseas markets, according to an announcement on March 7.
Investment will typically be up to $100,000 but may be as high as $250,000. In addition to financing, portfolio companies will gain access to 500 Startups’ international network of 3,000 mentors and founders, $1.5 million of credit with partners like Amazon and Facebook, and other support to help them scale their business.
The fund will be led by Venture Partners Binh Tran and Eddie Thai, who joined 500 Startups last year to lead the firm’s Vietnam efforts.
Explaining the reason for coming to Vietnam, 500 Startups said it was because Vietnam is big, fast-growing, and underserved by seed stage venture capital firms. Moreover, it has more people than California, New York, and Florida combined, and more than 40 million of them are on the internet.
“It has been one of the world’s fastest growing economies since 1990 and has been Apple’s fastest growing market in the world,” the announcement emphasized. It pointed out that Apple co-founder Steve Wozniak, Google CEO Sundar Pichai, and other notable tech leaders have visited Vietnam in the last few months alone. Other developments, like the TPP, and its inexpensive labor costs and growing consumer spending helped lead US News to recently name Vietnam at No. 3 on its “Best Countries to Invest In” list.
- 500 Startups Vietnam