Vietnamese corporate venture capital firm Next100 Ventures has launched a $50 million fund to back blockchain companies in Vietnam and Southeast Asia.
The Next100 Blockchain fund will invest in the equity and first rounds of tokens of blockchain startups, with funding value worth up to $2 million, according to the firm’s website.
Next100 Ventures is the investment arm of Hanoi-based NextTech Group, which develops software for the e-commerce ecosystem.
The launch of the Next100 Blockchain fund comes on the heels of NextTech Group’s $2.5 million investment in AntEx Fintech Blockchain Ecosystem in July 2021. AntEx’s core product is VNDT, a crypto wallet with more than 42,000 users.
“Blockchain is becoming an irreversible trend in the tech space. It has also become an important investment channel in the context of the COVID-19 pandemic,” NextTech Group said in a statement.
However, the firm added, as much as 80% of blockchain projects were perceived as scams. With the formation of Next100 Blockchain, we aim to solve the “trust crisis” through investing in and building qualified businesses in the space.
Next100 Blockchain is just one among the many risk investors who want to tap the emergence of blockchain in Vietnam. Other newly-formed funds include the $20 million Alpha Moon Capital, MeiVentures, BAS Ventures and Lucky Ventures.
The country’s blockchain and crypto startups have become targets for even global investors. Play-to-earn game developer Sky Mavis raised $152 million from marquee fund managers such as a16z and Accel in October. Other deals include investments in Sipher and HeroVerse, which are also NFT game studios, and Coin98, a decentralized finance platform.