Vietnam has emerged as Southeast Asia’s most dynamic startup hub boasting a thriving ecosystem and hailed as a hotbed for investment activity. Hive Life spotlights the strong venture capital pool in Vietnam helping regional businesses grow and succeed.
Hailed as Southeast Asia’s “rising star,” Vietnam’s thriving startup ecosystem continues to accelerate entrepreneurial opportunities powering future innovation and growth.
Vietnamese early-stage companies acquired record-high investments from global venture capital (VC) companies in 2021, raising over US$1.4 billion across 165 deals. This momentum is anticipated to continue into 2023, with a gross domestic product (GDP) increase of 6.7% projected for the country.
Its favourable ecosystem has not only attracted a large pool of capital from foreign venture firms, but has also fostered the growth of homegrown investment solution providers. These local players have proven to be just as equipped and committed to supporting startups with growth and financing opportunities, while setting up dedicated funds to propel innovation within key industries, including FinTech, e-commerce, EdTech, and more.
Fund and scale your next big idea with our guide to the top venture capital firms in Vietnam spurring innovation and high-growth opportunities for local entrepreneurs.
ThinkZone Ventures
Hanoi-based ThinkZone Ventures is one of the most prominent names in Vietnam’s investment landscape founded by homegrown conglomerates, including renowned financial group- IPA Investment Corporation, retail giant- Phu Thai Holdings, and global chemical distributor- Stavian Group.
A hybrid accelerator and venture capital firm, ThinkZone provides monetary funding and mentorship opportunities for startups. It specialises in financing across different growth areas of a business, whether initial seeding investments or forging partnerships in respective industries.
Boasting a diverse funding portfolio, the VC has backed startups across many competitive sectors, including retail, software, advertisement and marketing technology, and more. In 2022, the firm launched the ThinkZone Fund II, which the largest reserve in Vietnam, integrating local resources to push homegrown businesses to achieve greater success.
Mekong Capital
Mekong Capital is another pioneer in the local VC sector, with a great investment eye for consumer-driven growth-stage businesses. As an experienced private equity firm, it has a strong foothold in Vietnam’s entrepreneurial sector, spending a significant time scouting for ideal companies to fund and support. By integrating a vision-focused approach, Mekong has been able to drive breakthrough results, expanding its coverage to customer-centric enterprises across various markets, including retail, F&B, healthcare, pharmaceuticals, and finance.
The firm focuses primarily on growth-stage businesses, and has launched the Mekong Enterprise Fund IV, to accelerate market expansion and exposure opportunities for Vietnamese companies, with an aim to sustain the businesses on a global scale.
The company is also well-known for its efforts in sustainability, building on its Environmental, Social and Governance (ESG) commitments, and holds their investee companies to the same standard.
500 Vietnam
An investment powerhouse fueling the local startup ecosystem, 500 Vietnam is the Vietnam-focused venture arm of 500 Global, and has become one of the most active VCs in the country, with a proven track record of capital and resource allocation to support the growth and development of new companies. 500 Vietnam has shown great interest in funding early-stage businesses that specialise in tech-enabled distribution forms, along with targeting enterprises in other multidisciplinary fields, such as FinTech, HealthTech, media and entertainment, and AgriTech.
As of today, 500 Vietnam has actively invested in over 70 small to medium enterprises across the globe, with over half of them based in SEA.
500 Vietnam’s capital investments reach up to US$100 thousand, however, their contributions to a company’s success are far greater, providing strategic support by offering organisations access to their exclusive list of large-scale investors and other capital opportunities, opening up a greater market scope for homegrown startups to propel their success to the next level.
Patamar Capital
Patamar Capital is a Southeast Asia-focused VC that prides itself on fostering an expansive community of agile and impactful founders and entrepreneurs. The firm strives to unlock economical prospects for underserved communities through channelling funds into socially-driven businesses. A strong advocate and frontier of revolutionising the way social enterprises operate, the VC sets aside large reserves to provide convertible debt and equity financing for companies, and beneficiaries. It aims to create equal opportunities and yield positive outcomes in health, agriculture, education, and finance, along with other grassroots causes.
Strengthening its focus and involvement in Vietnam’s VC sector, Patamar Capital joined Golden Gate Ventures’ recent commitment of US$1.5 billion to drive startup innovation and growth in the country.
An Do, the Principal at Patamar Capital, commented how the growing investment pool in Vietnam “greatly reflects its attractiveness to both local and foreign investors.”
Golden Gate Ventures
Singapore-headquartered Golden Gate Ventures has a growing presence in Vietnam’s venture capitalist scene, tapping into its emerging technology sector. It recently opened two new locations in Hanoi and Ho Chi Minh City, taking a more prominent role in SEA’s next “Silicon Valley.”
Established in 2011 to drive tech innovation in the region, Golden Gate Ventures has years of experience and expertise in funding early-stage and maturing startups in Southeast Asia, covering Singapore, Vietnam, Thailand, and Malaysia, among others. Specialising in various industries from FinTech and HealthTech, to commerce, AI, EdTech, and more, the firm has financed over 70 small-to-medium scale companies, 9 unicorns, and many other regional success stories.
Listed as one of the top five SEA funds by KPMG, Golden Gate Venture alongside other global VCs had pledged over US$1.5 billion in investments into Vietnam’s flourishing startup ecosystem.
Do Ventures
Established in Ho Chi Minh City, Do Ventures is led by successful entrepreneurs, founders, and former CEOs, who have brought together their collective knowledge and years of experience to help future business leaders make their mark. Newly launched in 2020, the VC has found great success in Vietnam and SEA’s thriving startup landscape, leading a diverse scope of investments in technologically adept companies, from automation and retail, to FoodTech, education, as well as the financial sectors.
The firm’s primary focus remains on early and growth-stage startups, providing financing from pre-seed to Series B rounds, additionally committing to fund and support seedling enterprises until they are fully equipped to grow and scale their business models.
Do Ventures aims to invest in innovative and disruptive startups of the future, that dare to defy traditional norms, while driving greater impact and reform to one’s livelihood.
Openspace Ventures
Another VC firm based in Singapore, Openspace Ventures, is dedicated to powering industry trailblazers that are making a transformative impact through their solution offerings in Southeast Asia. Investing in startups of different stages, its funding covers sectors that have shown great promise, including healthcare, finance, and e-commerce, along with other frontier technologies.
Openspace is deeply rooted within SEA’s new tech investment landscape. By harnessing its intelligent capabilities, Openspace observes the potential within the field and uncovers portfolio companies to invest in, while helping them discern their vision and prospects.
Persevering to replicate its “Gojek startup success” in Southeast Asia- Openspace Ventures is actively seeking financing opportunities in the region. One of its recent investments within Vietnam’s tech ecosystem includes earned wage access platform, Nano Technologies, leading its US$6.4 million funding round.
Featured Banner Image: @MekongCapital
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