ThinkZone Ventures announces ThinkZone Fund II with $60 million in fund size, the largest local venture capital fund in Vietnam thus far, to support the growth of Vietnamese startups.
In recent years, the Vietnam startup ecosystem has been more dynamic than ever, attracting a huge amount of investments in tech startups. In 2021, Vietnam recorded a total venture capital investment of up to 2.48 billion USD (according to a report by DealstreetAsia), nearly 24 times higher than 2016’s figure ($105 million). This number is expected to keep increasing in the coming years, as Bain & Company’s 2021 report predicts that Vietnam will be the country to have the highest growth of the Internet economy in Southeast Asia by 2030 (11 times higher than the current market size). This potential opens up great opportunities that attract domestic and foreign investors in Vietnamese startups, with a total of 108 investors in 2020 (3 times higher than 2016).
However, most of these venture capital funds come from abroad, with limited local resources to support Vietnamese startups. This also results in more complicated investment processes such as setting up a legal entity in Singapore, as well as legal processes for an investment license in other countries. Moreover, besides financial capital, startups also need lots of other support such as knowledge, experience, distribution channels, customer access and legal. These are the very advantages of local investors from Vietnam.
Stemming from those facts, ThinkZone II Fund was founded by ThinkZone Ventures and other notable Vietnamese conglomerate owners specialised in various verticals such as finance, retail, manufacturing, agriculture and F&B. With resources from the ecosystem of these conglomerates, ThinkZone II Fund can provide a huge amount of support to accelerate the growth of startups, and further to create sustainable development for the economy.