Over the past years, Vietnam has emerged into one of the fastest-growing fintech markets in Southeast Asia, amid growing customer adoption, sustained venture capital (VC) funding activity, and increased support from the government to foster innovation.
In this burgeoning landscape, several VC investment firms are standing out from the crowd for their active involvement in the space. These firms, which include both homegrown funds and companies from overseas but with an active presence in the country, have backed some of the country’s fastest-growing fintech companies.
Today, we look at ten VC firms in Vietnam that are helping shape the domestic fintech market and which are still actively looking for investment opportunities in the sector.
Ascend Vietnam Ventures
Founded in 2021 and based in Ho Chi Minh City (HCMC), Ascend Vietnam Ventures (AVV) is an early-stage VC firm on a mission to help Vietnam’s exceptional teams in building iconic companies.
AVV’s flagship fund, which is backed by the IFC and other development finance institutions, commercial funds of funds, and investors, aims to back the next wave of global tech companies emerging out of the country, focusing on seed and pre-A stage technology-driven opportunities in fintech, enterprise services, online commerce, health technology, education technology, media, and logistics.
The firm, which claims to be one of the few top seed funds that solely operates and focuses on the Vietnam market, have backed more than 80 companies since 2017, including Axie Infinity, a non-fungible token (NFT) gaming unicorn; Infina, a wealth management and investing platform; Plentina, a technology company providing buy now, pay later (BNPL) arrangements; Trusting Social, an artificial intelligence (AI)-based credit scoring platform; and Bizzi, a software-as-a-service (SaaS) platform for accounting and financial processes.
500 Startups Vietnam
Based in HCMC, 500 Startups Vietnam is a seed-stage VC firm that invests in tech startups helping people access education, financial services, healthcare, and other basic universal needs. The company provides finance, mentorship, and connections to the companies it backs.
500 Startups Vietnam has 27 startups in its portfolio operating in various verticals including e-commerce, fintech, edtech, adtech and healthcare, according to its website. In fintech, it has invested in the likes of Canal Circle, a platform that provides financial credit to rural Vietnamese; Dibee, a digital payment solution for fuel expenses; Finsify, a cashflow management solution for small and medium-sized enterprises (SMEs) in Vietnam; Trust IQ, a credit assessment startup; and Mango Insurance, an insurtech startup.
VSV Capital
Founded in 2014 and based in Hanoi, VSV Capital is a leading startup accelerator and VC firm for Vietnam’s tech startups. The firm invests in early-stage technology companies operating in sectors including logistics, e-commerce, hardware, agritech, edtech, medtech and fintech, and says it has made over 80 investment deals from pre-seed to Series B since its inception.
Its VSV Capital Accelerator, formerly known as Vietnam Silicon Valley Accelerator or VSVA, is designed for pre-seed and seed stages startups to quickly validate the viability of their products and business models before scale. More than 130 companies have taken part in the program, the company claims.
According to its website, VSV Capital currently has about 40 startups in its portfolio, including Finhome, a real estate finance platform that helps connect fund seekers with investors; Hectagon Finance, a decentralized venture fund; Hawking Instamo, a remittance marketplace; and Shio, an automated insurance search engine helping mothers quickly find the best insurance package for their child.
VinaCapital Ventures
Seeded by VinaCapital Group, one of Vietnam’s leading asset management companies, VinaCapital Ventures is a US$100 million Vietnam-focused VC platform focused on investing in and building world-class technology companies and incorporating them into a full digital ecosystem.
The firm’s mission is to help develop strong technology companies in Vietnam and assist them in building a regional presence. It partners with entrepreneurs and provides them with capital, access to its extensive business network, and local know-how from years of experience in Vietnam and Southeast Asia.
According to its website, VinaCapital Ventures currently has 17 companies in its portfolio (direct and indirect holding), including M3ta, a Web3 data analytics company; Sygnum, a digital asset bank; Nextpay, a Vietnamese SME payments and services platform; GlobalCare, an insurtech startup; Wee Digital, a digital banking startup; and Validus, an SME financing platform.
Zone Startups Vietnam
Launched in 2018 and based in HCMC, Zone Startups Vietnam is part of the global network of the Zone Startups accelerator programs, which source forward-thinking founders and strong teams with visions to become fast-growing market leaders.
The company provides hands-on strategic and tactical guidance for startups looking to drive market validation and customer acquisition, as well as access to investors, corporate partners, and advisors.
It offers an innovation consulting practice that lets corporate clients explore and embrace new ideas and technologies alongside leading-edge startups. For high-potential startups, it can provide seed capital and support for future financing efforts.
According to its website, Zone Startups Vietnam has 36 startups in its portfolio, including Deepview, a crypto-based learn-to-earn platform; Ezin, an insurtech company; and Fundiin, a BNPL startup.
Do Ventures
Founded in 2020 and based in HCMC, Do Ventures is an early-stage VC firm that focuses on making investments in technology companies in Vietnam and Southeast Asia. The firm looks for pioneers with a desire to create disruptive products that can bring about outstanding values to the society, focusing on promising startups that serve the Vietnamese middle class and the country’s massive young population.
Do Ventures prefers to invest in sectors including fintech, AI, data, enterprise solutions, edtech, medtech and e-commerce. It currently has 14 companies in its portfolio, including MFast, a mobile app that lets Vietnamese users in remote areas access financial services; Validus; and Bizzi.
ThinkZone Ventures
Founded in 2018 and headquartered Hanoi, ThinkZone Ventures is a US$60 million fund established by Vietnamese conglomerates in finance, production, distribution and the food and beverage (F&B) industry.
The VC fund invests in local startups from pre-seed to Series A stage in verticals including fintech, edtech, e-commerce and logistics transportation, providing them with up to US$3 million per startup. It also invests in accelerator-stage startups via the Global Mind Accelerator with an investment size ranging from US$50,000 to US$100,000.
ThinkZone currently has 12 companies in its portfolio including Gimo, a startup that provides working adults with earned wage access (EWA); Rootopia, an education finance startup; and Fundiin.
Son-Tech Investment
Founded in 2020 and headquartered in HCMC, Son-Tech Investment is a US$$50 million Vietnam-focused VC with a mission to invest in pioneers and build world-class technology companies.
The company backs startups in verticals including fintech, edtech, logistics, entertainment, digital health and consumer tech, and partners with top-tier organizations and industry leaders to empower founders with not only capital but also access to deep industry know-how and extensive network in Vietnam and the broader Southeast Asian region.
Son-Tech Investment currently has 14 companies in its portfolio, including Easygop, a fintech that offers smarter and more flexible cash-pay-later services to Vietnam’s emerging middle class and Gen Z; Hello Clever, an open banking ecosystem for the Australian market; and ConfirmU, a business-to-business (B2B) and business-to-business-to-consumer (B2B2C) startup that enables lenders to assess the creditworthiness of first-time borrowers using a three-minute game and a credit score derived from psychometric data.
Openspace Ventures
Founded in 2014, Openspace Ventures provides VC funding to technology companies based in Southeast Asia. By focusing on the fundamentals and with a wide-scale operations team, the firm actively partner with its 39 portfolio companies to help build viable and responsible B2B and B2C businesses.
Headquartered in Singapore and with active offices in Jakarta, Bangkok, Manila, and HCMC, Openspace Ventures invests across all stages of development and currently has four funds with over US$650 million under management.
In Vietnam, the firm has backed companies such as Finhay, a licensed brokerage company; and Nano Technologies, the operator of Vui, a mobile app that lets workers in Vietnam access their earned wages immediately.
Golden Gate Ventures
Golden Gate Ventures is a Southeast Asian VC firm founded in 2011 that brings together knowledge and experience from Silicon Valley with passion and ambition for Southeast Asia. For over a decade, the firm has backed some of the region’s most audacious founders and has had the privilege of being part of Southeast Asia’s incredible growth story.
Golden Gate Ventures invests in startups across Singapore, Indonesia, Vietnam, Malaysia, Thailand, and the Philippines, but also backs companies from around the world that are expanding to Southeast Asia. In particular, the firm seeks startups addressing technological opportunities that arise out of the growing consumer class in the region, which includes everything from consumer apps to B2B SaaS services.
Headquartered in Singapore with offices in Indonesia and Vietnam, Golden Gate Ventures has launched four funds, invested in 80+ companies and currently manages US$250 million worth of assets.
The firm currently has nine Vietnamese startups in its portfolio, including Baokim.vn, an online payment gateway; and Nano Technologies.
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- Source: https://fintechnews.sg/70212/vietnam/top-10-investors-in-vietnam-backing-emerging-fintech-startups/
