The investment arm of Vietnam-based SSI Asset Management (SSIAM) has made its first startup investment – in food distributor Hellomam.
SSIAM is a unit of Vietnam-based brokerage Saigon Securities Inc
The financing was completed on July 14 and values Hellomam at $4 million, according to NDH.vn, a local newswire owned by Nguyen Duy Hung, chairman of Saigon Securities Inc.
Financial details of the investment were not disclosed.
Hellomam, founded in 2015, is an O2O (online to offline) platform that delivers organic foods to customers. Its founding members include Le Thi Thu Thuy, former CEO of Vietnam’s property giant Vingroup, that is also present in retail and agribusiness sectors.
“Hellomam is the typical example of a firm that fits our investment criteria in agribusiness startups. The company follows strategies and has vision similar to that of PAN Food’s (an agriculture firm headed by Hung), as well as meets the fund’s standards,” commented Le Thi Le Hang, CEO of SSIAM.
“We see Hellomam as a distributor for PAN Food,” she told the NDH.vn, stating that the tie-up between PAN Food and Hellomam will create synergy in better serving the increasing needs of food safety and traceability.
Last month, SSIAM chairman Hung had informed the media that his fund management firm had an outlay of VND100 billion ($4.5 million) for investing in agribusiness and agri-tech startups, adding that it was challenging to find the right companies( to invest in).
“SSIAM is exploring the opportunities in the market,” Hang reportedly said.
The asset management firm has also announced to launch a $40 million private equity fund and $200 million open-ended fund to make investments in listed equities.