By Mars Woo
500 Startups Vietnam LP, launched in April 2017, is raising $5 million on top of the $10.02 million commitment it secured from 19 investors.
Grab and Moca will collaborate to offer consumers and SMEs in Vietnam mobile payment facilities from the beginning of Q4.
IFC package is expected to provide the bank with long term funding to expand its lending portfolio to retail and SMEs.
In the next 18 months, the fund will focus on developing companies in its portfolio for potential listing.
Despite being a major player in shipping, seaport and maritime services, Vinalines’ business activities have continuously recorded losses since 2008.
Founded in 2013, Moca provides a free payment application on iOS and Android platforms for Vietnamese consumers.
Grab targets to launch its electronic wallet GrabPay in Vietnam by this month and t is in the process of being licensed by the authorities
The private equity transaction gives VOF a significant minority stake in the company. Tam Tri Medical is expected to use the capital to expand current facilities and acquire new facilities.
The fund is looking at ticket sizes of about $2 million to $10 million per investment with an unlimited holding time.
LienVietPostBank has the largest network among joint-stock commercial banks, with 200 branches and 1,000 transaction offices