Home to a population of almost 100 million people, Vietnam has an ideal demographic structure with 60% of the population under 35 years old. This young and dynamic population is the savviest, globally aware, and adaptive toward new technologies. With an internet penetration rate of 29%, Vietnam takes place as the 18th globally and 4th among Asia's most active Internet countries.
Vietnam's digital-forward population has made opportunities ripe for technology startups to swoop in. Vietnam is the third as the most active startup ecosystem in Southeast Asia, right behind Indonesia and Singapore. The large investment in Vietnamese startups showcases how the capital market is putting their attention to Vietnam as a country with an enormous potential to yield exceptional returns on investment.
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Angel Investors in Vietnam
Why Should You Raise Funds in Vietnam?
Vietnam is undoubtedly among the fastest growing economies and tech scene in Asia and globally. Home to 3,800 startups, the increased presence of tech companies has attracted a number of venture capitalists, incubators, and accelerators into the country. In 2021, the total investment value poured into Vietnam totalled $1.35 billion, 4 times higher than that in 2020. This is also the highest amount recorded over the past decades, as reported by The National Agency for Technology Entrepreneurship and Commercialization (NATEC). Following the current trajectory, an increasing amount of investment in Vietnamese startups is to be expected within the next decade.
This significant development has been largely due to regulatory reforms and initiatives set by the Vietnamese Government. The government has set its goals for the digital economy to be one of the three pillars of digitalization, with a target for the digital economy to make up 20% of the GDP by 2025. To achieve this goal, the government has published incentives to further attract investments into the local startup ecosystem. For instance, they issued a decree that introduced tax incentives for tech-related companies in Vietnam, where eligible companies can have their corporate income tax rate at 10% for the first 4 years and a 50% tax reduction in the subsequent 9 years.
The government also established the National Innovation Center in 2019, a hub that provides support for startups in the country, including networking opportunities, working space, mentorship programs, and funding.
The young and educated demographic makeup, high internet penetration rate, and supportive government policies make some of the reasons why Vietnam is a compelling destination for startups and investors alike. Vietnam is poised to reach new heights - one that you should not miss out on.
What's the Difference Between an Angel Investor and a Venture Capital Fund?
Angel Investors: They are high-net-worth individuals who invest their personal funds into startups that are in their early stages, usually in the pre-seed funding round. As such, they usually invest a smaller amount of capital, usually in the range of hundreds of thousands, and might fund projects out of interest or if it's in line with their professional expertise. They don't usually get too involved in the startups' operations other than to provide mentorship, advice, and access to support services that may help you in decision-making. Though this entirely depends on the company and the angel's agreement.
Venture Capitalist: They are an entity that finances a startup business using funds that are collected from other investors, such as enterprises, other investment firms, or government entities. They are made up of a team that makes investment decisions on behalf of other investors. They also invest a higher amount of capital, typically in the millions. Therefore, they prefer to invest in startups that have a proven track record, high growth potential, and sustainability; those that are in the later stage of their development. They would usually participate in the business decisions, usually by consulting as a member of the board. They take responsibility for assisting the venture's development by providing strategic advice and oftentimes connecting them to strategic partners.
The bottom line is, both provide capital and some level of support for innovative startup businesses. They both seek business equity and expect some percentage of return on their investment. Taking funding is a big responsibility, as you might find yourself working and making decisions that need to be in line with others' interests. Therefore, it is important for you to make careful consideration of the entity that you'd like to partner with and that is the best fit for you. Below, in no particular order, is our complete rundown of both these types of investment entities in the region.
Venture Capitalist Funds in Vietnam
The venture capitalist funds below are actively looking for investment opportunities in diverse sectors and at different stages. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed. All quoted investment ranges are in US Dollars unless otherwise stated.
Zone Startups Ventures
Type: VC
Stage: Seed
Investment Value: Not disclosed
Focus: Technology
Zone Startups Ventures is the VC fund affiliated with Zone Startup network, a startup ecosystem with an accelerator program based in Ho Chi Minh City. They invest in primarily seed-stage tech startups from all industries, although they have the capacity to invest in subsequent startup stages. What they look for are strong teams with a proven track record and a startup that has product-market fit with validated revenue.
As part of their portfolio company, you will receive expert advice from experienced investors and former startup founders, along with assessment and strategic advice to improve your business performance and valuation. You'll gain access to potential investors and connections that can aid you in future funding rounds and international expansion into other markets. It's not just all about your startup - you'll also receive the resources and be a part of a community that will help you navigate the challenges as a startup founder. They have made investments in BravoHR, CloudWater, Edu2Review, Fundiin, Medihub, and more.
Type: VC
Stage: Seed
Investment Value: $500,000 - $2 million
Focus: Technology
Ascend Vietnam Ventures wants to be your partner and your first large investor. With 5+ years of experience investing in over 70 companies, they have strong operational experience and deep networks locally and globally. They will add value in three critical areas: people, growth, and capital. First and foremost, they will help you curate and attract top talent that will serve as a strong foundation for your business. Then, they will help you achieve authentic growth through a strong strategy that takes into account deep customer understanding, analytics, and experimentation. Finally, they'll provide the capital from the right investors at each stage of your startup growth.
In terms of the startups, they are looking for those that are still at pre-product market fit but have seen early signs of traction and have raised less than $2 million. Your product also needs to address the needs of the Southeast Asia middle class using technology and data in the business. Some of the companies in their portfolio are Base.vn, Pique, Turing, Elsa, Kilo, and more.
Type: VC
Stage: Seed
Investment Value: $1 million - $5 million
Focus: Blockchain, IoT, EntertainmentTech, FinTech, EdTech, HRTech, Mobility & HealthcareTech, PropTech
The KK Fund provides venture capital funding targeted at early-stage tech startups based in Southeast Asia, South Korea, Hong Kong, and Taiwan. In particular, they are interested in startups operating in the mobile and internet technology space with applications in diverse industry sectors. Their management team is comprised of seasoned investors, serial entrepreneurs, and experienced management consultants that are capable of providing you with strategic guidance for your startup. They also have deep networks across Southeast Asia and South Korea for enterprise developments. Their portfolio in Vietnam comprises of AceStarter, Job Hopin, Med247, and Clavis Aurea.
Type: VC
Stage: Seed
Investment Value: $5 million - $10 million
Focus: E-Commerce, FinTech, Financial Services, Marketplace, Software
With the mission to empower the audacious, Golden Gate Ventures provide human and financial capital to tech startups in Southeast Asia. They are one of the most active VCs in Southeast Asia, crowned top 5 Southeast Asia funds by KPMG with over $1 billion in portfolio financing on over 60 companies. Some of their noteworthy portfolios are AngelList, Xendit, Carro, Carousell, and NextPay.
They take a founder-first approach, working closely with founders they invest in. With a strong founder community, you'll be connected to a network of other founders at various stages and share learnings together. You'll also gain connections to local and international partners and investors for regional and global expansion. As they are quite selective, the best way to reach them is through an introduction from a founder in their portfolio or an investor in their network, but they do have events where you can have the chance to pitch to them.
Type: VC
Stage: Seed, Series A
Investment Value: $1 million - $7 million
Focus: B2B / B2C Customers
As the name DO Ventures suggest, they encourage a DO philosophy that means to grow by doing. They believe in founders that are brave enough to take a step, taking failures as a learning point and moving forward to make better decisions. They make investments in early-stage tech startups that are creating disruptive products for society. They use a data-driven approach to decision-making and provide advice and support in various key areas of the business.
Emphasizing on Vietnam's market demographics, DO Ventures is looking to invest in startups that serve the young and middle-class population in Vietnam. This includes 2 types of business models: B2C platforms that provide services for young customers and B2B platforms that enable the growth and scaling of the tier 1 portfolio companies. Their portfolio companies include Azota, Coolmate, OCG, Validus, VuiHoc, and more.
Type: VC
Stage: Seed, Series A
Investment Value: ~$1 million
Focus: Blockchain, Cryptocurrency
With 400,000 blockchain and crypto users, Kretos Ventures focuses on providing investments and consultancy to blockchain and cryptocurrency ventures. To date, they have invested over $10 million in blockchain projects, namely Plutos Network, dHedge, Game Starter, Instaraise, and many more. As part of the pioneers in the Vietnamese crypto space, they also maintain an active community of crypto users and investors in Vietnam, making transformative and valuable projects accessible to users.
Type: VC
Stage: Seed, Series A
Investment Value: Not disclosed
Focus: E-Commerce, Software, Internet, Mobile Information, Technology
From Asia to the world, CyberAgent Capital invests in internet-related startups with the determination and potential to expand cross-borders. They have bases in large cities across Southeast Asia, building a network of portfolio companies and partnerships in various countries. As such, they are highly connected and knowledgeable about the market trends of Asia.
As part of their portfolio, you'll receive specialized incubation support that will guide you through the building blocks of an internet business, all based on accumulated insight, experience, and trends in the industry. They'll set you up for success by providing hands-on support from the establishment of your company to the early stages of acceleration. Some of the companies in their portfolio are VisasQ, Interspace, Mixi, and Vector - all of which have gone through to IPO.
Type: VC
Stage: Seed, Series A
Investment Value: Not disclosed
Focus: EduTech, FinTech, Logistic, Entertainment, Digital Health, Consumer Tech
It takes a village to build a startup - Son Tech Investment agrees. As a VC, they have a mission to help Vietnamese pioneers build world-class technology companies through investments. They are dedicated to assisting founders with their individual needs, as they believe there is no one formula for success. As such, they are adaptive, flexible, and agile; leveraging their access to deep industry know-how and extensive network to provide founders with insights and knowledge to succeed. They don't only provide capital but empower startup founders to progress forward. Their varied portfolio comprises AI Education, AI Health, Chodeli, Clever, and more.
Type: VC
Stage: Seed, Series A
Investment Value: ~$1 million
Focus: Entertainment Software, Blockchain, Cryptocurrency
Aptly named Bigcoin Capital, the venture capitalist firm supports and develops the blockchain ecosystem in Vietnamese market. Their portfolio comprises of blockchain and crypto projects with some entertainment software in the mix. They have invested in exceptional projects such as TomoChain, NOIa Network (now Syntropy), Perlin, Vite, Credits and SPL.YT. What's great about them is their community; they have a large and wide community that is a popular hotspot for entrepreneurs, startups, investors, and anyone interested in blockchain technology. They often hold summits and events that may connect you with prominent industry leaders and other opportunities.
Type: VC
Stage: Seed, Series A
Investment Value: $2 million - $15 million
Focus: Financial Services, SME Digitization, Education, Healthcare, Agriculture
As one of the pioneers in impact investing, Patamar Capital is a leading venture capitalist that invests in companies transforming the lives of millions in Asia. They support early-stage startups that utilize technology to serve consumers in the emerging middle class and small and medium enterprises within the new digital economy. As citizens themselves, they have insight into the economic and social environment within the large market. Their portfolio of impactful startups includes Rain, Peddlr, Vigo, Sayurbox, and more.
Type: VC
Stage: Seed, Series A
Investment Value: ~$500,000
Focus: FinTech, E-Commerce, E-Logistics, Social
Placing themselves as a startup's 'soulmate', Next100 Venture is dedicated to helping founders overcome challenges and hurdles as they continue to grow. They will work alongside founders to strategize and equip them with the resources to achieve sustainable growth. They'll also provide seed investments of up to $500,000 along with further incubation, coaching, and introductions to other investors for future funding rounds. With the NextTech ecosystem comprising 20 platforms and over 10 million customers, startups can quickly penetrate the Vietnamese market and expand to other Southeast Asian markets. Some of the startups that are part of their ecosystem are AlePay, NextPay, Pushsale.vn, Ladipage, Boxme, and Top CV.
Type: VC
Stage: Seed, Series A
Investment Value: $100,000
Focus: Internet-based
Part of the 500 Global family, 500 Vietnam is one of the most active venture capital firms in Vietnam. It manages a $14 million fund to invest in Vietnamese startups or startups targeting the Vietnam market. With global expertise in tech startup investment and company building, they provide the best resources, network, and support on startup practices for founders. Their portfolio of Vietnam-connected startups is Axie Infinity, Bizzi, Canal Circle, Intrepid, and approximately 65 others.
Though they invest in all verticals, a common denominator of the startups they invest in have an internet-based form of distribution. To be precise, their criteria are products with a clear competitive differentiator and scalable methods of distribution (primarily online platforms). They also require usage validation and traction as proof of concept.
Type: VC
Stage: Seed, Series A
Investment Value: $100,000 - $500,000
Focus: Technology
With the goal to build the next unicorns, ESP Capital will be your early-stage partner in building a disruptive tech startup in Asia. Through technological innovations, they would like to develop a complete ecosystem that touched all key areas of the customers' life, such as healthcare, education, real estate, transportation, commerce, and more. Some of their portfolio companies are Homedy, Ecomobi, MindX, Dr. Oh, among others.
Leveraging their human talent, they will aid founders in strategic planning and competency building to drive the startups' growth. They'll also advise portfolio companies on fundraising strategies and connect founders with partner investors for the next financing rounds.
Type: VC
Stage: Seed, Series A
Investment Value: $50,000 - $1 million
Focus: Technology
Nexea is a venture capitalist firm that is active in key locations across Southeast Asia. In Vietnam, they invest in early-stage technology startups with proven revenue traction that are taking their next steps to growth. They pride themselves on their capability and track record of companies that grew 3-16x year on year, with more than 50% raising follow-on funding or having successful exits. They do not just provide capital, but also support in the form of mentorship by experts and a network of valuable strategic partners.
Aside from their venture capital, Nexea is also active in other venture programs such as accelerators, incubators, corporate matching, and entrepreneur support programs. Nexea is also a leading angel investment network based in Malaysia that invests across Southeast Asia. As such, they have extensive knowledge and experience in supporting startups through growth.
Type: VC
Stage: Seed, Series A
Investment Value: Not disclosed
Focus: Technology
As the name suggests, they are a 'Simple Tech Investment'. They fund technological innovations that transform businesses in Southeast Asia. They invest across diversified business sectors in Vietnam, including media, automobile, education, and more. They own and are the largest shareholders of many companies, some of which are 24H Media Group, 30 Shine, and Anycar Vietnam.
Type: VC
Stage: Seed, Series A
Investment Value: $1 million - $35 million
Focus: B2B Technology, AI, Data Analytics, Commerce Enablers, AR/VR, FinTech, Platform Plays
With a core focus on Vietnamese and Indonesian markets, Access Ventures invests in early-stage tech companies serving the needs of the region. What they seek are top founders and teams that are agile and cohesive, capable of crafting fast product reiterations. The core strength of the tech as well as evident early revenue growth are grounds for attractive investment prospects in their eyes. They are particularly interested in startups with strong exit profiles, in which they will provide guidance and mentoring to gear startups towards a successful exit. They will also provide strategic support through their corporate and investment networks across APAC. Some of the Vietnamese startups in their portfolio are GoDee, Moca, Palexy, Vexere, and many more.
Type: VC
Stage: Series A
Investment Value: $1 million - $45 million
Focus: Technology
As entrepreneurs themselves, Monk's Hill Ventures believes in the need to understand the founders and fundamentals of a startup to earn the right to invest in it. They don't want to just provide capital, but they also want to actually contribute and work with founders in the development of their businesses. This means breaking down the ideas and business models of the startup, as well as the motivation of the founders to get down to business. They are passionate about backing up entrepreneurs at their early stages to become global winners; impacting millions of lives in the region and beyond. Their portfolio across Southeast Asia includes Caxe, Credibook, ErudiFi, Glints, Ninja Van, Stoqo, and many more.
Type: VC
Stage: Series A
Investment Value: Not disclosed
Focus: Technology
Part of the VinaCapital Group and a member of the Draper Fisher Jurvetson network, DVJ VinaCapital is one of Vietnam's leading venture capitalists with a large and well-connected network on the local and global scene. They have unrivalled experience and insight into Vietnamese markets, with an abundant source of support and partnership opportunities for their portfolio companies. They focus their efforts on technology startups that serve the Vietnamese market, utilize the Vietnamese workforce, and are founded by a Vietnamese member. Their portfolio of Vietnamese startups is Chicilon Media, Direct With Hotels, GapIT, Greenvity, and many others.
Type: VC
Stage: Series A
Investment Value: Not disclosed
Focus: Technology
VinaCapital Ventures is part of VinaCapital Group, one of the largest investment management firms in Vietnam with over $3.7 billion in assets under management. The VinaCapital Ventures itself is dedicated to Vietnamese startups, investing $100 million in ventures that are leveraging technology to solve the challenges within Vietnamese industries. They are passionate about compelling disruptive technologies that can propel the local digital ecosystem and drive customers to adopt new technologies. Aside from capital, they also have access to a large base of resources, networks, and local know-how to empower startups in their portfolio. Their diverse portfolio includes GlobalCare, Homebase, Logivan, Zone Startups Vietnam, and An Vui, among many others.
Type: VC
Stage: Series A
Investment Value: Not disclosed
Focus: Technology, Media, Telecommunications, Healthcare, Consumer & Entertainment, Advanced Manufacturing, Clean Tech, Energy
IDG Capital Vietnam is part of IDG Capital, a global investment firm with more than $20 billion under management investing in the technology sector. As the first foreign investment institution to enter China, IDG Capital is amongst one of the top three investors in Chinese unicorns with world-renowned portfolio companies such as Tencent, Baidu, Coinbase, Xiaomi, and many others. Leveraging their global mindset, managerial tenure, operational experience, and local resources, they turn their attention to Vietnam as another emerging market ripe for investments. In Vietnam, they focus their funds on consumer goods, healthcare and pharmaceuticals, and logistics and warehousing sectors. In 2022, they participated in the Seed round of Metain.
Type: VC
Stage: Series A, Series B
Investment Value: $2 million - $32 million
Focus: Blockchain, Cryptocurrency, Web 3.0, DeFi
Amongst one of the first Web 3.0 and Decentralized Finance investment funds in Vietnam, the Illusionist Group provides capital to a range of ventures, tokens, and projects involving cryptocurrency in the global market. Founded in 2020, they first started investing in the Polkadot/Kusama ecosystem and have since expanded their efforts into other ecosystems such as Binance Smart Chain (BSC) and Solana (SOL). They have a strong background and relationships with valuable strategic partners such as investors, venture capitalists, academic institutions, fund platforms, and most importantly, the global cryptocurrency community. With their experience, they are confident in their capability to support and grow a sustainable blockchain startup.
Type: VC
Stage: Series A, Series B, Series C, Series D
Investment Value: $1 million - $3 million
Focus: Technology, Consumer, Healthcare, Finance, Enterprise
Amongst one of the most successful and renowned venture capitalists in Southeast Asia, Openspace Ventures is the VC behind outstanding startups such as Goto, Biofourmis, Halodoc, Kumu, and Pluang. They invest in tech companies at different stages and sectors that are transforming categories and lives in the region.
The reason behind their success is active intelligence. They work alongside startups as active partners, providing support where and when they need it, even expanding their regional presence to where the portfolio companies are operating to stay in the loop. They'll assist companies and share their learning across all key elements of business-building, such as technology infrastructure, data science and forecasting, branding, talent acquisition, ESG and impact, marketing and communications, and strategy and corporate development.
Type: Corporate VC
Stage: Seed
Investment Value: Variable
Focus: Artificial Intelligence, eCommerce & Marketplace, Entertainment, Finance, Food, Insurance, Logistics, Media, Property, Sports, Islamic Digital Economy
As they claimed on their website, Asia's top founders get their first investments from Quest Ventures. This is evident in their track record of funding exceptional founders such as Darius Cheung from 99.co, Quek Siu Rui from Carousell, Xinch from WatchOverMe, and Umar Munshi from Ethis.co, among many other notable names. They are one of the driving forces behind the digital economy in Asia, becoming the first believers and the first investment cheque to be received by the big companies we know and use today. Now, they have multiple funds directed at startups in various sectors and stages, as well as accelerator programs and ecosystems dedicated to advancing enterprise innovation in the region.
Angel Investors in Vietnam
The Angel investors listed below are part of and represented by an Angel syndicate. As individual Angel investors are hard to come by, these platforms are the best place to secure Angel financing.
Type: Angel Platform
Stage: Seed
Investment Value: -
Focus: Sector Agnostic
Vietnam Angel Network is an angel investor network that invests in and mentors startups and young entrepreneurs in Vietnam. They are formed by leading angel investment groups and government entities in Southeast Asia such as Vietnam's Ministry of Science and Technology, Malaysian Business Angel Network, Business Angel Network of Southeast Asia, and Vietnam's Leading Business Club. Aiming to contribute to a thriving startup ecosystem, they are active in driving innovation and supporting founders through strong collaborations with regional and international networks. The members of the group are seasoned investors and experienced business professionals who are vetted and recommended by existing members of the group.
Closing Thoughts on VCs and Angel Investors in Vietnam
Every component of the startup ecosystem in Vietnam has made continuous progress. We are already seeing the development of promising startups that are not just high in quantity but also in quality. In this article, we have compiled a list of VCs and Angel Investors that are actively funding Vietnamese startups.
Vietnam's startup ecosystem is still young, and most of the investments are also still directed at early-stage companies, though you may find some that can and will invest up to Series D. Nevertheless, we can expect larger deals to be made sooner than later, as the country is entering their startup golden era.