500 Startups Vietnam’s execs launch separate venture firm

Binh Tran and Eddie Thai, general partners at 500 Startups Vietnam, have launched a separate venture firm called Ascend Vietnam Ventures that seeks to invest in 25 local startups and others across the region over the next three years.

Binh Tran (L) and Eddie Thai (R)/ Photo credit: Ascend Vietnam Ventures

According to an announcement, the check size will range from US$500,000 to US$2 million. A third of the selected companies will receive further investments of up to US$4 million each from the new firm.

Tran confirms to Tech in Asia that he and Thai are still officially with 500 Startups Vietnam. Companies within the 500 Startups Vietnam portfolio will continue receiving support “to scale and to maximize returns for earliest supporters, our limited partners.”

500 Startups Vietnam was launched in 2016 by the Silicon Valley startup accelerator and VC fund 500 Startups to capitalize on Vietnam’s growing market. It raised US$14 million in 2018. The two partners say the capital has been fully deployed into more than 70 companies.

Some of 500 Startups Vietnam’s notable investments include ELSA, Trusting Social, Base.vn (acquired by FPT Corporation), and Axie Infinity (whose latest round includes Mark Cuban as an investor).

“The past five years have not been without miscalculations,” the statement from the partners say. “Although we invested subsequent checks in a handful of our best-performing companies, we wish we had even more capital to put to work with these exceptional teams.” 

According to Thai and Tran, Ascend Vietnam Ventures will have a more concentrated portfolio, allowing them more time to help founders. The firm is open to invest in startups outside the country.

But their mission to leverage Vietnam’s tech potential continues.

“We believe that Vietnam in the near future will be a new tech capital. In addition, many of the problems, spending capabilities, and behaviors of consumers and SMEs that exist in Vietnam are likely to be found also in emerging markets across Asia-Pacific and beyond.”