<article>Private equity firm Vietnam Investment Group has dropped its plan of investing in local online real estate platform Congnhadata.net.</article>

Private equity firm Vietnam Investment Group has dropped its plan of investing in local online real estate platform Congnhadata.net.
Elaborating on the modification in the funding round, a senior investment officer of <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/vigroup/">Vietnam Investment Group</a> (VIGroup), requesting anonymity, confirmed to DEALSTREETASIA that he invested in Congnhadat.net in his personal capacity and that the group is not investing in the realty platform.
This portal had, in <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/exclusive-vietnamese-pe-firm-vigroup-leads-2m-round-in-congnhadat-net-66580/">an earlier report</a>, stated that VIGroup had led a $2-million series A funding round in the startup for a 15 per cent stake, as disclosed by Congnhadat.net founder. An investment analyst at VIGroup had also confirmed to the portal about the proposed investment by the private equity group.
However, it now appears that the plan has been put in the cold storage. VIGroup had initially intended to examine an investment into the real estate portal, the senior officer told DEALSTREETASIA.
VIGroup had intended to invest in Congnhadat.net in a bid to grow the O2O platform and facilitate its real estate and hospitality operations.
When contacted, Duc Vu, founder of Congnhadat.net, said, he was looking for another investor to lead his pending fundraising round. “The terms did not go through and we are seeking fund operators with more tech expertise,” he added.
Vu introduces himself as founder of Founder Team, which sources startups for investors. He claims to have closed agreements with several startups and F&amp;B chains, including Hanoi’s legendary café shops Tonkin Coffee. However, the deals have not been validated by various sources.
VIGroup’s real estate portfolio includes Ho Chi Minh City-based developer Nam Long Corporation. The firm primarily invests in the consumer sector, while manufacturing, logistics and education are also important verticals to VIGroup.
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Private equity firm Vietnam Investment Group has dropped its plans of investing in local online real estate platform Congnhadata.net.

VIGroup drops plan to invest in Vietnam's online realty platform Congnhadat.net

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VIGroup drops plan to invest in Vietnam's online realty platform Congnhadat.net

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