Vietnamese teams shine at Startup Wars 2025

Organised by Singapore-based TNB Aura, Startup Wars began on August 18 and concluded with the Grand Finals in Jakarta on October 17. Unlike traditional startup contests where students pitch their own ideas, the competition required participants to assess real startups, analyse markets, and craft investment strategies – replicating how venture capitalists (VCs) evaluate funding opportunities in the real world.

Students competed for cash prizes up to $5,000, internship opportunities with VCs and startups across Southeast Asia, and mentorship from leading regional investors. A team of Vietnamese students from Foreign Trade University, named CapEm (Beauty), was among the winners at the Startup Wars Grand Finals.

Additionally, the competition showcased the practical application of venture capital analysis through TNB Aura's portfolio companies, which represent successful outcomes of the same investment evaluation process students will learn. Featured companies include Vietnamese agritech firm TechCoop, which secured $70 million in funding, demonstrating the type of high-growth opportunities that emerge from rigorous market analysis. Supporting this regional initiative, Vietnam-based Do Ventures also joined as the competition’s venture capital partner.

This was the first time the venture capital case competition expanded to Vietnam along with other regional markets like Singapore, Indonesia, the Philippines, and Malaysia.

"Southeast Asia's startup ecosystem is thriving, but there's still limited exposure to venture capital thinking at the university level," said Vicknesh R Pillay, co-founder and managing partner of TNB Aura. "Startup Wars bridges this gap by giving students hands-on experience with the analytical frameworks and decision-making processes that drive successful venture investments across our region."

Antler closes $72 million fund to double-down on Southeast Asia startups The early-stage venture capital firm Antler announced on August 13 the $72 million close of its second Southeast Asia fund, Antler SEA Fund II.

ThinkZone launches fund for next-gen tech startups ThinkZone has announced the launch of Global Minds Fund I (GMFI),⁠ a venture capital fund that connects resources from Vietnam’s top entrepreneurs and corporations with the next generation of tech startups

Vietnam a desirable destination for regional VCs Southeast Asian venture capital funds have set sights on Vietnamese startups. Charles Wong, co-founder and managing partner of TNB Aura, shared with VIR’s Thanh Van the investment trends of regional funds into Vietnam.