Vietnam’s NextTech Group launches $50m blockchain fund

Photo: Launchpresso / Unsplash.com

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.

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.