On to AVV updates – June and July have been very eventful for the AVV team. We announced our early-stage fund, AVV Alpha, which is focused on investing in diverse founders that are building global startups from Vietnam. We also hosted the SHINE Women in Tech Gala and a range of other founder social activities in Hanoi and Ho Chi Minh City, as well as participated in various external events. AVV is planning more educational and networking events for the ecosystem in Q3 so stay in touch with us.
Funding winter is a global macro event and is already happening across various financial and tech centers of the world including Silicon Valley, India, and Singapore. However, preparing for a slowdown in investments may not be top of mind for Vietnamese entrepreneurs as the country still boasts economic growth and a healthy tech scene with little indication of macroeconomic recession signals being experienced in other parts of the world.
We are excited to share that we have exceeded the $50M target for our flagship early-stage venture capital fund, AVV Alpha. We are actively investing in the next wave of globally iconic tech companies emerging from Vietnam.
In the tech ecosystem, lively deal activities continue in late April and May, including a couple of late-stage fintech deals and various early-stage financings in agritech, EV manufacturing, e-commerce, and robotics (see deal highlights in Vietnam Tech in the News.)
Hiring a great team is essential for building an enduring startup, regardless of sector or market. However, in today’s world of lofty job-seeker expectations and fierce competition for skilled workers, hiring is no easy feat. It is even more difficult for resource-constrained, early-stage startups. This is one of the biggest areas in which founders in our portfolio seek guidance and support.
Increased investments and fierce competition, combined with the innate characteristics of Vietnam’s social commerce market could mean that the next big Vietnamese company will evolve from this space.
There have been some notable developments within the tech ecosystem in the second half of Q1. In this volume’s Vietnam Tech in the News section, we will touch on the increasingly dynamic roles of Vietnam as a market and a breeding ground for regional startups. We will also discuss Sky Mavis’ Ronin Bridge hack, dubbed one of the biggest crypto hacks to date. Finally, we will highlight recent investment interest in digital commerce before diving into social commerce in the Spotlight section.
Turing books $87M at a $1.1B valuation to help source, hire and manage engineers remotely
