Vietnam: Indochina Capital invests in co-working space operator Toong

Vietnam-based Indochina Capital will be investing in Toong co-working space and become a key shareholder in the collective workspace operator, the duo said in a joint announcement on June 19.

This will also mark the first funding by a private equity firm in the Vietnam’s co-working space sector.

The financing agreement comes shortly after Toong secured a strategic partnership with Singapore-based real estate group CapitaLand in developing co-working space outlets in Ho Chi Minh City.

Toong opened its first location in Hanoi in August 2015 and became the country’s first chain of co-working spaces by launching three others in 2016, one of which was set up in partnership with the Danang Entrepreneurship Support Company.

Toong at the Oxygen – the joint effort with CapitaLand Vietnam — was launched in March 2017, making Toong the biggest player in its field. The partnership will see a series of new co-working spaces in the future.

The operator said the latest funding will help promote the working environment for companies and individuals in Vietnam.

Toong had secured a seven-figure US dollar investment from Vietnam’s investment firm Openasia Group in early 2016.

In conjunction with the cash injection by Indochina Capital, Peter Ryder, founder and CEO of the real estate investment fund, and Doan Viet Dai Tu, co-founder and chairman of Openasia Group, will join Toong’s board of directors.

“Indochina Capital is always looking for excellent Vietnam focused investment opportunities. When Toong came to our attention, we were immediately interested because the company has the largest and widest footprint of any co-working space provider in Vietnam,” said Ryder.

The private equity firm said Toong, as a new portfolio company, will complement Indochina Capital’s lifestyle brand, which is rolled out via the ICC-Kajima development platform.

Indochina Capital and the Japanese realty firm are equal partners in this $1 billion joint venture, which will be investing in Vietnam over the course of 10 years.

“Innovative change dominates the global real estate industry not just in Vietnam. This is evidenced by a growing number of companies that utilise co-working models to encourage disruptive ideas and cutting-edge technology in collaboration with other firms… Indochina Capital and Toong will produce a portfolio of unique iconic spaces to nurture Vietnam’s entrepreneurial intelligence and culture,” said Ryder.

Also read:

Toong join hands with CapitaLand Vietnam to open new co-working space

Vietnam: Indochina Capital, Japan’s Kajima form $1b real estate JV

Vietnamese co-working space startup Toong secures funding

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.