Logivan and FastGo the $100-million tech holding company’s first two investments.
VinaCapital, a leading investment management firm in Vietnam, has officially launched VinaCapital Ventures, a $100 million technology holding company and announced its first investments, in Logivan and FastGo, two tech-enabled startups providing solutions for the transportation and logistics markets in Vietnam.
Consistent with VinaCapital’s strategy over the past ten years of investing in tech companies in Vietnam, VinaCapital Ventures will enable the group to capitalize on new opportunities in the country’s fast-rising technology sector.
VinaCapital Ventures will invest $2-10 million in each company with an unlimited holding time. Its mission is to help develop strong tech companies in Vietnam and assist them in building a regional presence. The venture’s primary interest is to work with engineers, scientists, and innovators who have developed technologies that resolve industry pain points – problems that are substantial enough to compel customers to adopt the new technologies.
VinaCapital Ventures is also interested in disruptive technologies that have the potential to create entirely new markets. In supporting entrepreneurs, it offers capital, networks, and mentorship. Its team combines a diverse set of skills and experience, ranging from entrepreneurship, product marketing, operational management, and technology strategy to developing client bases, deal making, and capital raising.
“While manufacturing and property get most of the attention and investment in Vietnam, tech – and startups in particular – hold the greatest promise for the country,” said Mr. Don Lam, VinaCapital Co-founder and CEO.
“Technology is playing a transformative role in all manufacturing and service sectors and will drive Vietnam’s economy forward. That’s why venture capital, including supporting startups and entrepreneurs, has been a key part of our business for the past 15 years. With VinaCapital Ventures, we look forward to working with founders to bring Vietnamese tech products to the regional market and contribute to Vietnam’s sustainable socioeconomic development.”
Logivan is a Vietnamese-owned startup that provides B2B truck hailing and logistics network solutions to address the industry’s inefficiencies. Dubbed “Uber for trucks”, it leverages the power of technology to help forwarders, shippers, and truckers around the country utilize assets for collaborative consumption and more cost-effective operations, to lower the cost of logistics in Vietnam, improve incomes for truck owners and drivers, and reduce CO2 emissions. Logivan is an award-winning startup, having won prestigious prizes such as UberEXCHANGE 2017 and Rise 2018.
FastGo, meanwhile, is a ride-hailing mobile app developed by Vietnamese engineers that offers advantages to both drivers and passengers. Since its launch in June, FastGo has been rapidly growing and currently has the second-largest market share of ride hailing apps in Vietnam. It has nearly 15,000 cars and bike drivers registered in Ho Chi Minh City and Hanoi and connected over 15,000 rides in August. FastGo has signed MoUs with MasterCard, PIT Insurance, and Open99 Taxi to provide comprehensive services to drivers and passengers – VN Economic Times.
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