Singapore venture capital firm eyes Vietnamese startups
Singapore-based venture capital firm Cocoon Capital has launched a new US$20 million fund targeting seed-stage startups in emerging economies such as Vietnam, Myanmar, the Philippines and Indonesia.
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The fund aims to invest in 25-30 trade deals in these Southeast Asian markets, with the biggest amounting to US$727,000.
By limiting the number of investments each year, the firm can ensure it supports multiple young companies.
The fund, which follows the firm’s first US$7 million fund launched in 2016, will focus on deep tech, fintech and medtech.
Since 1996, Singapore has always been one of the biggest trade partners of Vietnam. At present, it is the second largest trade partner of Vietnam in ASEAN and eighth in the world. Two-way trade hit US$8.3 billion in 2017, a year-on-year rise of 8.9%.
Singapore’s direct investment in Vietnam has continuously increased in recent years. It is now the biggest investor of Vietnam in ASEAN, and third globally.
