Vietnamese early stage investor, Do Ventures, has announced the close of its first fund at more than half of its US$50 million target.
The Limited Parters of the fund include first-generation entrepreneurs in Vietnam and eminent institutional investors in South Korea and Singapore, such as Naver, Sea Group, Vertex Holdings, and Woowa Brothers and others.
Vy Hoang Uyen Le a prominent partner of Do Ventures disclosed that the final close of the fund will be in 2021. He added that the firm is quite conservative in its estimation because of COVID-19.
Manh Dung Nguyen (formerly with CyberAgent Capital) and Uyen Le (formerly with ESP Capital) primarily formed Do ventures to invest in early stage startups. Particularly from seed stage to series B stage.
According to the statement issued, Do Ventures will strategically invest in companies that tap on the fast-growing middle-class population, serve the massive young population, and employ the best-in-class execution. It will pursue the philosophy of ‘growing by doing’.
“We follow a comprehensive investment approach and invest from US$500,000 to US$5 million for a well-performing startup,” Uyen Le revealed. “First, we would lead the seed round with an average check size of US$500,000. After the seed round, we would make follow-on investments in Series A and Series B round. Normally, we would follow another US$1-2 million for series A, and US$2-3 million for series B. In series A and B, we would also invite our Limited Partners and other funds in the region to co-invest with us.”