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.
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.