By Nguyen Thi Bich Ngoc
The fund is evaluating close to 10 startups from the region, where it made a recent debut.
Grab Vietnam country head Jerry Lim said the ride-hailing startup is optimistic that both parties will ultimately find a win-win solution that can best serve the interests of the Vietnamese.
The transaction is expected to close in the first half of 2019.
Once the transaction is completed, Hyundai Marine & Fire will become Vietinbank Insurance’s second-largest shareholder.
F88 said the funding valued the firm at nearly VND1 trillion ($43.5 million).
Northstar is the sole investor in the latest funding round, following which it has also become Topica’s largest institutional backer.
Cammsys, a Korean camera module producer, has acquired more stake to gain control of Cammsys Vina while Canadian label group CCL will be buying Hinsitsu Screen Vietnam.
In the food delivery segment, the major players in VIetnam are Delivery Now, which is backed by Singapore-based Sea Limited, and GrabFood, which launched its service in June 2018.
The newly-launched $100-million tech-focused fund will invest in Vietnamese companies with proven revenue streams, especially those with concepts that can be scaled up to a regional or global level.
The fund, led by Eddie Thai and Binh Tran, was launched in 2016 and has since then invested in 36 Vietnam-connected tech startups.