South Korean early-stage investor Nextrans has completed its investment in Vietnamese enterprise SaaS company Base.
Nextrans director Chris Chae confirmed the funding.
Nextrans has joined the $1.3-million round, which was co-led by Indonesian venture capital firm Alpha JWC in December 2018. Base had announced back then that BEENEXT was the other lead investor while early backers 500 Startups and Vietnam Innovative Startup Accelerator also participated in the funding.
Chae told DEALSTREETASIA that it was taking longer for the firm to complete administration approval from South Korea.
Founded in 2016, Base has developed more than 20 apps on its platform to help businesses streamline their activities, covering human resources, sales and marketing, finance, to operations and management.
Its customers include both big corporates and local banks and small and medium enterprises.
Jakarta-based Alpha JWC marked its Vietnam debut with the Base investment. Alpha JWC made this investment from its second $100-million second fund, that is near its final close.
For Nextrans, this deal marks its fifth announced investment in Vietnam, after EcoTruck, VLeisure, JamJa and Leflair.
In an interaction with DEALSTREETASIA last December, Chae said that in Southeast Asia, Nextrans was focused on investing in Vietnam. Nextrans has invested in a total of 32 companies in South Korea, the US and Vietnam.
Chae said the firm had set aside a corpus of $350 million for its South Korean and Vietnamese portfolio. He acknowledged Nextrans’ main role in investing in the Southeast Asian country was to help bridge the startups to the next rounds of funding from other investors.
Funds following Nextrans include AME Ventures, BonAngels, KB Investments, Caldera Pacific, Access Ventures and FuturePlay, who have invested $23 million follow-on funding into its Vietnam-based startups.