The Ho Chi Minh City, Vietnam-based early-stage venture capital firm, “Do Ventures” is a 2020 founded VC whose main focus remains on the technology-based firms of Vietnam and Southeast Asia.
Vy Le and Dzung Nguyen founded this VC by taking the motto of “Growing by Doing”. The company says that it works hard to encourage skilled and talented entrepreneurs to challenge themselves, take risks, and allows them to extend their vision beyond the ordinary boundary.
The ultimate goal of the company is the discovery of daring founders, nurturing them, and then forming a new customer behavior through their pioneering.
The company announced its very first closure of $50 million in funds and is backed by a limited number of great giants.
The Korean giant of the Internet, Naver Vertex leads the round and other participants also indulge in this funding which includes Singapore-based VC, Vertex Holdings, and Wooma Brothers, which is the app developer of Korea.
The founders of Do Ventures said that the startup funding amount in Vietnam has increased by 8-folds between 2016 to 2019 which is $861 to last year. But, despite this, there are only a few funds that focus specifically on Vietnam’s startups and this means that there is still a funding gap for early-stage Vietnamese startups.
The co-founder of Do Ventures, Vy Le said that they hope that the technology startups can allow traditional businesses to do faster digitization and adapt easily to the new normal. These tech startups will also work for the consumers as they work for transforming the experience of customers in their daily aspects of life that will bring more accessibility to the remote area consumers.
Vy Le explained the functioning of Fund I of Do Ventures and said that it will work in 2 tiers. The 1st tier contains the B2C platforms which include healthcare, education, and social commerce which basically surround and serve the youth. This will also help in addressing the impact and changes, caused by the pandemic of Covid-19. The 2nd tier consists of B2B platforms that will work by providing the required services to the tier 1st companies and enabling them to grow regionally along with the SaaS solutions for e-commerce and data services.
One of the major goals of this fundraising is to help the founders to deal with and cope with the impacts of the pandemic so that their companies again restart to germinate in a new and healthy way.
The fund will also help Do Ventures focus on early-stage companies.
Do Ventures also plans to set up an automated system of reporting that collect data about everything including to know that how its portfolio firms are performing this is the same thing about which its general partner elaborated that it will enable them to support the startup’s operations including business organization, product development, overseas development, and supply chain development.
Conclusion
The new Vietnamese investment firm, Do Ventures announced the closure of its first fundraising of $50 million that was backed by Naver Vertex Ventures which is headquartered in Korea, other investors also helped this giant which are Singapore-based VC, Vertex Holdings, and Wooma Brothers, which is the app developer of Korea. The company’s founders said that this fund will work in 2 tiers, the 1st tier contains the B2C platforms and the 2nd tier will deal with B2B companies that are included in B2C. The company said that its main focus remains on helping Vietnam’s early tech startup founders to deal with and cope with the impacts of the pandemic so that their companies again restart to germinate in a new and healthy way.
FAQs:
Ans. $50 million in funds has been raised.
Ans. Naver Vertex was the lead investor.
Ans. In 2020.
Ans. Vy Le and Dzung Nguyen
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