Vietnam’s NextTech Group has launched a USD 10 million fund to support early-stage startups. The fund, which is called Next100, includes investments from the NextTech Group and other capital partners from Vietnam and overseas.
According to the company’s announcement, NextTech Group will use it to support Vietnamese startups and invest in tech startups in the region.
Dao Minh Phu, managing partner for Next100, said the fund will target startups that are digitizing conventional industries as well as companies that are leveraging technology to increase efficiency and productivity in their respective sectors.
Founded in 2001, NextTech Group is often referred to as the “Alibaba of Vietnam” and has become one of the most notable tech players in the country. It has nearly 20 digitized platforms operating domestically and in eight other markets across Southeast Asia and China in sectors like e-commerce, fintech, e-logistics, and education.
NextTech Group launched ride-hailing platform FastGo only a year ago, but it has already made its way into a number of Southeast Asia countries. FastGo became the first Vietnamese ride-hailing firm to set up overseas operations.
In June, NextTech also announced the merger of two Vietnamese fintech platforms, Vimo and mPOS, to launch NextPay as a one-stop payment solution for merchants.