Vietnam’s FPT Corporation kicks off accelerator & VC arm with $3m seed fund

FPT Corporation, Vietnam’s leading tech firm Tuesday launched its accelerator and venture capital arm, FPT Ventures, a $3 million fund that will target seed and series A investments in local startups.

DEALSTREETASIA had first reported this development last week, and had said that Vietnam’s biggest tech corporation would partner US-headquartered venture capital firm  500 Startups to form an incubator platform.

“FPT Ventures will be the springboard for Vietnamese tech startups in the coming time,” said Nguyen Lam Phuong, FPT Corporation’s chief technology officer. Phuong further said the company would use its available resources, including infrastructure, technology and financial capacity to foster startup teams. However, he also cautioned that FPT alone would not be able to support the entire community.

“We want not only 500 Startups but other venture capitalists to assist tech startups. So, for the rest $2 million (FPT Ventures has already raised $1 million), whoever invest one dollar, we will invest another one,” he told DEALSTREETASIA.

Also read: FPT Corp, 500 Startups to set up incubator for startups in Vietnam

FTP Ventures will target early stage startups with valuations below $1 million, and support them in terms of revenue growth, and also offer funding to the tune of $50,000, in addition to technical and management expertise.

“According to our calculation, Vietnam has so far created a thousand tech startups. This is a modest figure, considering a very young population in Vietnam. So we do hope to grow the number,” Phuong said.

FPT Ventures said it will finalise its investment decision within four months of the submission date. In the immediate future, the fund will focus on projects of e-commerce, advertising, healthcare and education.

FPT has for years been Vietnam’s leading player in launching and supporting startups, and boasts of several success stories including e-commerce site Sendo.vn, advertising platform Ants.vn, streaming service FPT Play, music portal Nhacso.net, Gostudybooking.com – an information website for people searching for studying abroad, and household service viecnha.vn.

Also Read: Vietnam startup scene poised to take off as ecosystem comes together

Vietnam needs more serial entrepreneurs: Mekong Capital’s Chris Freund

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.