<article>Silicon Valley-based venture capital fund <a href="https://www.dealstreetasia.com/?s=500%20Startups">500 Startups</a> is raising another $5 million for its Vietnam-focused venture fund after surpassing the fund&#8217;s hardcap of $10 million.</article>

Silicon Valley-based venture capital fund <a href="https://www.dealstreetasia.com/?s=500%20Startups">500 Startups</a> is raising another $5 million for its Vietnam-focused venture fund after surpassing the fund&#8217;s hardcap of $10 million.
In its amended <a href="https://www.sec.gov/Archives/edgar/data/1667852/000166785218000001/xslFormDX01/primary_doc.xml">filing</a> with the US SEC, 500 Startups said, the VC fund &#8211; <a href="https://www.dealstreetasia.com/?s=500 Startups Vietnam LP">500 Startups Vietnam LP</a> &#8211; which was launched in April 2017, is raising $5 million on top of the $10.02 million commitment it secured from 19 investors.
500 Startups Managing Partner Khailee Ng said the additional fundraising is done to accommodate requests for more investors to join.
&#8220;Usually what happens is that when there is additional interest, then we try to accommodate. Imagine you run a fund and you told all your investors this is going to be the fund size and then suddenly more money wants to be on the table,&#8221; Ng told DEALSTREETASIA on the sideline of the Asia PE-VC Summit in Singapore.
The fund invests in promising Vietnam-connected startups in addition to providing mentorship and connections to both global and regional startups.
It recently closed its 20th deal in Vietnam by backing a financial technology blockchain startup. For this year, the fund aims to boost its investments to two or more deals per month.
&#8220;At the same time, we will continue supporting our portfolio companies. We&#8217;re proud of the progress they&#8217;ve made so far and we want to continue helping them attract talent, enter new markets, and raise capital,&#8221; Eddie Thai, one of 500 Startups&#8217; two local partners told DEALSTREETASIA earlier.
According to a report from Hanoi-based accelerator Topica Founder Institute, 500 Startups was the most active Vietnam-focused venture capital firm (excluding accelerators) in 2017.
500 Startups is doubling down in Southeast Asia as the region&#8217;s internet economy is poised to cross $200 billion by 2025, according to a December 2017 report by Google and Singapore fund Temasek Holdings.
The region’s internet economy, which spans ride-hailing apps to online travel, is growing at a compound annual growth rate (CAGR) of 27 per cent, outpacing last year’s projection of a 20 per cent 10-year CAGR, the report said. The region also has 330 million monthly active internet users, making it the third largest online base of consumers globally.
Globally, 500 Startups manages over $400 million in committed capital and has invested in more than 2,000 companies including Twilio, SendGrid, Credit Karma, Canva, Udemy, Intercom, and Talkdesk.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/500-startups-leads-seed-round-in-vietnamese-saas-platform-base-vn-104636/">500 Startups and VIISA lead seed round in Vietnamese SaaS platform Base.vn</a>

Silicon Valley-based VC fund 500 Startups is raising another $5 million for its Vietnam-focused venture fund after surpassing the fund’s hardcap of $10 million.

500 Startups raising $5m more for Vietnam-focused fund

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

500 Startups raising $5m more for Vietnam-focused fund

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief