Vietnamese early-stage accelerator ThinkZone has tied up with BK Fund, a venture investment fund of the Hanoi University of Science and Technology (HUST), to manage and raise $10 million for its first investment vehicle, according to an announcement.
Called BK Fund 1, the investment vehicle aims to support potential startups in Vietnam with a ticket size of up to $1 million.
HUST, one of Vietnam’s oldest universities, has incubated the development of many technology entrepreneurs and big corporations such as Phu Thai Group, Austdoor Group, MISA, BKAV, Ahamove, and GotIt.
BK Fund was established in 2020 from contributions by the university’s alumni and former staff to invest in and develop potential startup projects of the university.
ThinkZone will search, select and appraise potential startups to introduce them to the Investment Committee of BK Fund. Startups will have the opportunity to receive investments from ThinkZone Ventures, BK Fund, as well as individual investors in the BK Fund team.
Besides, these startups will also be chosen to participate in the ThinkZone Accelerator programme, and directly received training and support packages up to more than $50,000 from the programme’s partners.
“ThinkZone Ventures is on track to raise a $30 million fund to invest in startups from seed to Pre-Series A stages, therefore, the cooperation with BK Fund will help us increase resources to help startup projects from HUST with developing and entering the market.”
Recently, ThinkZone and BK Fund hosted monthly pitches with the participation of 7 startups. GIMO, a flexible 24/7 payroll platform was one of two startups invested.
In February 2020, we reported ThinkZone was seeking to raise a $30-million venture capital fund focused on tech startups in Vietnam and Southeast Asia, according to a top executive with the firm.
It will focus on investing across industries such as logistics, supply chain, medtech, fintech, edtech, agritech, proptech and AI.