The fund will be used to finance startup based in Vietnam. “Having set our sights on up to 100 deals for this fund, we’re on the outlook for up to 64 more amazing startups to back,” the company said on its website.
The fund also expects to raise its ticket size from $50,000-$100,000 to $100,000-$250,000 following oversubscription to its $10 million fund from investors in Asia, US and Europe.
The company said it plans to increase the headcount in Vietnam. “We’re aiming to hire 2-4 more people to join the team in the coming months,” it said. In September, the venture fund roped in four new team members coming from places like Anduin Transactions, Topica EdTech, Lazada, Deloitte and KPMG.
500 Startups, that is based in San Francisco, has so far invested $3 million in 36 Vietnamese companies so far. The focus has been on companies that serve the Vietnamese market and/or the ones that leverage local talent. “The companies have been diverse, ranging from ecommerce and edtech, to fintech and blockchain. Based on our data, their teams have been pretty diverse as well,” it said, adding that the growth rate witnessed by these companies has been “surprising and pleasant.”
The firm said it is seeing substantial rise in startup funding in the Southeast Asian country. “The whole team has been involved in educating Vietnamese founders and investors, providing industry feedback to government stakeholders about potential regulatory reform, providing feedback at pitch competitions & demo days, and more,” it said.