Vietnam: ESP Capital invests in; Kido sells 14.8% of frozen food biz

The latest deal activity in Vietnam has seen ESP Capital, a $20 million pre-seed and seed fund, invest in two-year-old startup, and food conglomerate Kido set to sell 14.8 per cent of Kido Frozen Foods.

ESP Capital scores fifth investment in

Vietnamese homegrown venture capital firm ESP Capital has marked its fifth investment in the country by backing food recipe platform

Financial terms were not disclosed.

ESP Capital targets early stage startups. The $20 million fund typically makes investments in the range of $50,000-300,000.

The firm told DEALSTREETASIA that it aimed to seal around 10 investments in 2017., founded two years ago, claims to offer more than 20,000 food recipes on its platform. Its services also include preparing ingredients, choosing kitchen utensils and delivering meals to customers.

In addition, it holds cooking classes every week for its members. The startup said it currently had more than 60,000 members.

Prior to, ESP Capital invested in rental company Luxstay, real estate media, flash deal website JamJa and women recruitment startup Canavi.

Also read: Vietnam: ESP Capital with $20m fund is latest homegrown VC

Kido to sell 14.8% of frozen food subsidiary

Vietnamese food company Kido will trim its 79.8 per cent holding in frozen food unit by 14.8 per cent, selling to its employees and business partners.

Kido Frozen Foods, which produces ice-cream and yogurt, will sell 10 per cent ESOP shares at VND25,000 ($1.1) apiece, while the remaining 4.8 per cent will be sold to its business partners at VND40,000 apiece.

The transaction will be conducted in the third quarter, and the shares will not be transferable within 12 months.

In April 2017, when Kido was still holding 99.8 per cent of the subsidiary, it said it planned to sell a 20 per cent stake via an IPO in the second quarter, which would be followed by a 15 per cent share sale to employees and partners, as well as a listing on the Unlisted Public Company Market (UPCoM).

However, the shares have not been floated.

The IPO was then priced at VND52,000 apiece, which valued Kido Frozen Foods at around $132 million.

This unit was established after Kido, previously known as Kinh Do Corporation, acquired Wall’s from Unilever in 2003. While retaining the frozen food business, Kido completed the entire sale of its snack unit to Mondelez for a total of nearly $460 million.

Also read:

Vietnam: Kido Frozen Foods to list at $132m valuation