- Media
Major US fund announces VN initial investments
IDG Ventures, a subsidiary of the US International Data Group, the world’s leading technology, media, research, and event firm, announced its first investments March 25.
IIDG Ventures Vietnam is located on the 11th floor, Sunwah Building, 115 Nguyen Hue District, HCM City, where investment activities in the South would originate from.
The firm is initially targeting young businesses in the areas of e-commerce, software, telecommunications, and IT.
Initial ventures
IDG announced two Hanoi-based companies: Peace Software Solution Company (Peacesoft) and the iSphere Software Company as its initial investments in the country. According to General Director of the IDG Ventures Vietnam, Nguyen Bao Hoang, the fund receives 40-50 projects from companies weekly.
Of the total nearly 200 projects that the fund has received, IDG has selected four, including the two above projects. However, he didn’t reveal the specific volume of capital that IDG will pump in those software companies. “Peacesoft has an information portal at www.chodientu.com and I believe it will be a leading company in e-commerce in Vietnam,” Mr Hoang said. For Peacesoft, IDG’s capital will be used to develop its traditional products, expand the market, and carry out an e-commerce project named chodientu.com. “Meanwhile, iSphere is experienced in developing enterprise applications and applications based on websites”, he added.
Mr Hoang is set to join the Peacesoft Board of Directors, announced Peacesoft General Director Nguyen Hoa Binh.
Mr Hoang will also be a member of the Board of Directors of the iSphere. IDG’s capital will be used in infrastructure construction, brand name development, research and development of new products and service and expansion of iSphere market in Vietnam and the Republic of Korea, Jin Wook Lim, iSphere General Director revealed.
Apart from conducting investment operations in the South, the HCM City office of IDG Ventures Vietnam would also act as a research centre for Vietnamese companies. The office employs many experienced experts on market information and finance, who can develop business strategies to assist enterprises.
“IDG Ventures would work closely with local governments and the business community to develop the sci-tech and education markets in the South,” Mr Hoang said. IDG’s Hanoi office is set to be inaugurated this June.