On June 28, Ascend Vietnam Ventures announced that it exceeded its $50 million target for its flagship early-stage venture capital fund, AVV Alpha. Led by Binh Tran and Eddie Thai, the fund is seeking the next wave of globally iconic startups emerging from Vietnam.
|Binh Tran and Eddie Thai, co-founders & general partners of Ascend Vietnam Ventures |
Binh Tran and Eddie Thai, co-founders & general partners of Ascend Vietnam Ventures, have been investing together in Vietnam since 2015 and have backed home-grown international successes such as NFT gaming unicorn Axie Infinity, AI-driven edtech ELSA, and financial inclusion fintech Trusting Social.
With AVV Alpha, the team has increased their investments in startups in Vietnam, seeding up to $2 million into 25 startups by next year and following on with checks of up to $5 million.
“The likes of Axie Infinity, ELSA, and Trusting Social are by no means isolated successes,” said Binh Tran.
“Vietnam’s dynamism, accessibility, low cost of living, as well as abundant quality engineering talent attract many founders. On top of that, many tech solutions built here can address similar challenges and customer behaviours in other emerging markets worldwide. Vietnam will continue to be seen as one of the best places to build global or regional market-leading companies.”
Eddie Thai asserted, “We believe in the ability of all entrepreneurs in Vietnam to do great things, regardless of their backgrounds, and in our ability, opportunity, and obligation to help them do so.”
AVV Alpha is backed by a mix of investors from Asia, Europe, and the US, including development finance institutions, funds, corporate VCs, and high-net-worth individuals from leading local and regional companies.
Dave Richards, managing partner at Capria Ventures said, “Vietnam’s startup ecosystem has demonstrated rapid growth, unique solutions, and the ability to create meaningful differences at scale. Capria has chosen to invest in AVV because of their extensive knowledge and networks in Vietnam, positive track record as entrepreneurs themselves, and as investors in the next generation of top startups in the region. This is Capria’s first partnership in Vietnam and we look forward to contributing to a fast-growing vibrant digital economy.”
With the new fund, AVV has been exploring a broad range of tech opportunities including those in financial inclusion, education, and the future of work.
AVV Alpha has picked 10 startups in the past nine months, including Kilo, Virtual Internships, T&C Logistics, and Mandu.