Vietnam tech company NextTech pledges US$10M fund for early-stage startups
Vietnam-based tech company NextTech announces a total of US$10 million injected into Next100, a fund dedicated for backing early-stage startups.
The main purpose that the fund aims is to provide coaching for startup founders so they can raise larger rounds of capital from other local and international investors as part of scale-up plans, as reported by DealStreetAsia.
During the launch, the company said that the fund will participate in seed rounds of startups with an investment ranging from US$100,000 to US$1 million. This decision, the company highlighted, is a move to help technology entrepreneurs in the middle of the burgeoning startups ecosystem the country is having.
“Next100’s target audiences are technology startups who are digitising traditional industries, or traditional startups that are leveraging technology to increase efficiency and productivity in their respective sectors; with the common goal to disrupt or optimise traditional practices to deliver new added value for society,” said Dao Minh Phu, Managing Partner of Next100.
NextTech was established in 2001 and currently has operations in eight markets across Southeast Asia and China, focussing on e-commerce, fintech, e-logistics, and education with a total of 15 portfolio companies.
The company claims to have an annual transaction volume of close to US$3 billion.
Recently, Next100 invested in VayMuon.vn, a P2P lending platform based in Vietnam, Heyu.asia, a startup that provides order consolidation and shipper services, and Teky.edu.vn, a tech academy for kids.
In 2016, NextTech also participated in the funding round of cross border e-commerce portal WeShop alongside Haspro.