Ascend Vietnam Ventures closes early-stage fund at $64m


Ascend Vietnam Ventures has closed its flagship, early-stage venture capital fund at $64 million, a top executive said. In June, AVV announced that it had exceeded its $50 million target for the debut fund, which will seed up to $2 million into 25 startups by next year and follow up with checks of up to $5 million.

AVV Alpha’s limited partners include a mix of investors from Asia, Europe and the US, such as development finance institutions, fund of funds such as Capria and Blue Future Partners, and high net worth individuals from leading local and regional companies.

To date, the fund has invested in eight startups, including Kilo (SaaS and wholesale marketplace); Virtual Internships (remote internship placement and management platform); T&C Logistics (e-commerce fulfilment platform starting in Vietnam), and Mandu (social commerce platform focused on reseller enablement).

AVV has also committed to backing diverse founders led to the development of the SHINE women founder initiatives, launched in partnership with the Australian Government’s Investing in Women initiative.

Since its inception in early 2021, SHINE has organised training, mentoring and community-building programmes for 60+ women entrepreneurs and executives, helping them advance their growth, people and leadership, and capital strategies as well as expand their support network.

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