• IDGVV Press Releases

IDG Ventures Vietnam announces its investment in VC Corporation

VC Corporation also announces the launch of “Baamboo Tra Từ” and the establishment of VC Incubator (VCI) – a hi-tech idea cultivating hub.

Hanoi, 16 October 2007

Today, IDG Ventures Vietnam announces its investment in VC Corporation. With the investment, IDG Ventures Vietnam officially becomes a strategic partner with VC Corporation, a pioneering communications company in Vietnam which owns and operates a series of innovative online products such as the online search engine Baamboo.com; the online classified listing platform Rongbay.com; the online flash-game hub Socvui.com and the online karaoke website Sannhac.com.

“We are extremely excited about the Fund’s investment in VC Corporation as an online media leader in Vietnam and look forward to working closely with the VC team to develop new products and services,” said Mr. Nguyen Bao Hoang, Managing General Partner of IDG Ventures Vietnam.

VC Corporation is also pleased to announce the launch of a new educational service called “Baamboo Tra Từ”. This is a free online dictionary containing 900,000 words and phrases, based on 8 different dictionaries.

“Built with open source code, “Baamboo Tra Từ” allows users to freely utilize, copy, distribute and modify online content.  We are pleased to offer this as a free service,” said Mr. Nguyen The Tan, a representative of VC Corporation. “The current content available online is quite extensive, however, we think that with user-generated-content (UGC), we can grow this new service exponentially very quickly.”

VC Corporation and IDG Ventures Vietnam are also pleased to jointly introduce a newly-born department operated by VC Corporation named VCI (VC Incubator) a hi-tech idea cultivating hub. VCI’s mission is to identify, nurture and invest in innovative ideas, projects or solutions in the fields of technology and communications technology, particularly ventures at an early stage of development. The “seeds” will receive technical and financial support to build sound business strategies, backed by a team of IT, marketing and product experts to help bring the ideas to life.

For further information about VC Corporation and its products, please visit the website www.vccorp.vn.

About IDG Ventures Vietnam

IDG Ventures Vietnam (IDGVV) is an early-stage venture capital firm that enables entrepreneurs to grow innovative, global companies. With $100 million under management, the firm is focused on investing in high-potential, high-growth companies in the technology, media and telecom sectors. We are an independent partnership making investments on behalf of our limited partner, International Data Group, or IDG, the world’s largest IT media company.

IDG Ventures Vietnam is affiliated with the IDG Ventures network of funds, a global $2+ billion network of independently managed funds. As one of the few truly global venture firms, IDG Ventures has made over 250 investments spanning Asia and North America over the last 10 years. Previous investments by the firm include Excite, F5 Networks, Netscape, Spinner.com, VA Linux, and Baidu.com. Active in Vietnam since August 2004, IDG Ventures Vietnam has invested in a diverse portfolio of leading technology firms including: VinaGame, VinaPay, iSphere, Goldsun Focus Media, Vega and MSS. By leveraging exclusive access to the IDG platform – an unparalleled combination of global publishing, market research (IDC), and conferences & exhibition resources – IDG Ventures Vietnam is able to uniquely add value to its portfolio companies and position them for success. For more information, please visit http://www.idgvv.com.vn/en

Contact Information:
Nguyen Que Anh
IDG Ventures Vietnam
Tel: 04 2200348 ext 215
Email: queanh_nguyen@idgvv.com.vn/en