Lotte Accelerator to invest $1m into Vietnamese startups

South Korea’s Lotte Accelerator commits to invest at least $1 million in Vietnamese startups through an alliance with Vietnam Silicon Valley Accelerator (VSVA).

The alliance launched an early stage venture capital fund on Thursday as they signed a strategic cooperation to catalyze investment into Vietnamese tech companies.

“Vietnam is one of the fastest yet stably growing economies in the world, where Lotte Group has established a strong footprint in various sectors, from real estate, retail, distribution, to commerce and IT. It is a big market and startups are potential. That is why we want to invest,” said Jin Sung Rhee, CEO of Lotte Accelerator.

Lotte entered Vietnam in 1998 and has since then expanded in the country with 12 subsidiaries. It started to explore the opportunities in this Southeast Asian nation’s startup space in 2016 with the “Lotte Accelerator Awards”.

Founded in 2015, the South Korean chaebol launched its $85 million Lotte Accelerator Fund I. It invests 20 million to 50 million Korean won ($17,700-44,200) in each startup.

“The foray into venture capital will transform the group towards innovation. Meanwhile, we have a strong commerce infrastructure to facilitate startups in enhancing the products, and making them the products that we will use,” Rhee said.

Lotte Accelerator pledges to help Vietnamese startups commercialise and expand, by leveraging the network in both Vietnam and South Korea. Rhee said the accelerator will multiply the model in other countries that Lotte is present, to synergize its non-financial support for young tech firms.

“In Vietnam, VSVA with the local expertise will help us screen qualified startups,” he added.

The Vietnam Silicon Valley project was introduced in 2013 as part of the Vietnamese government’s push to promote the country’s tech sector. It has incubated 50 companies, several of which attracted next rounds of funding from regional venture capital firms.

Also read:

Microsoft, Vietnam Silicon Valley partner to support startups

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.