New Asia, AIF in $15m round for Vietnam restaurant chain

Other investors include Malaysia-based Fortress Capital Asset Management and regional family offices. New Asia led Huy Vietnam's $3.5 million Series A round in September 2013.

Founded in 2007, the company serves affordable, traditional Vietnamese food prepared from formulated family-owned recipes. It has a network of 40 restaurants under the Mon Hue, Com Express and Pho Ong Hung brands. The new capital will be used support expansion in Ho Chi Minh City and Hanoi.

Dennis Nguyen, chairman of New Asia and vice chairman of Huy Vietnam, said in a statement that AIF would help the company with corporate governance improvements and industry specialization, while Fortress provides capital markets and investor relations support.

New Asia targets profitable, low-tech and high-growth Asian companies that are positioned to benefit from the rise of the region's middle classes. The firm has previously invested in a string of Chinese companies over the past decade, including mobile games developer M Dream China, waste management company Sino Environment Tech, retailer China Huiyin and Wuyi Pharmaceutical.

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• Topics
• Consumer
• Southeast Asia
• Expansion
• Growth capital
• Southeast Asia
• Vietnam
• Consumer
• AIF Capital
• New Asia Partners