Vietnam’s VinaCapital backs two local tech start-ups
Vietnam’s VinaCapital has made investments of undisclosed size in two local start-ups - financial technology provider Wee Digital and marketing services player UrBox.
UrBox operates a digital e-gifting platform that facilitates a range of marketing campaigns such as loyalty programs for user acquisition and incentives for improved staff retention and performance. The company has developed a network of more than 3,000 outlets since 2017, including brick-and-mortar chains stores and e-commerce sites. Clients include VPBank, Timo Digital Banking, and Grab.
Wee Digital provides artificial intelligence and biometric security technology to banks. The idea is to promote cashless transactions, including micro-transactions, through customer experience-focused technologies that allow unique features of the human body to be used for identification and authorization clearance. Support technologies include natural language processing.
“These investments are part of our continued effort to nurture Vietnamese tech start-ups that are tackling some of the biggest inefficiencies in doing business and giving consumers access to advanced products and services at reasonable costs,” Khanh Tran, a partner at VinaCapital Ventures, said in a statement.
The investments coincide with the nomination of Philipp Rosler, a former German vice-chancellor, as chairman of the VinaCapital advisory board with responsibilities for the firm’s VC unit and its portfolio companies. Rosler was a technology minister and the first German federal minister of Asian heritage. He also served as an advisor to US-based Founder’s Fund.
VinaCapital launched its $100 million venture arm last year with a plan to make investments of $2-10 million in size with an unlimited holding time and focus on helping start-ups establish a regional presence. It will also provide networking and mentorship support. Early investments included Logivan and FastGo, both technology-enabled start-ups in the transportation and logistics space.
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