Vietnam venture capital firm ThinkZone eyes $50 mln for third fund

Vietnamese venture capital company ThinkZone Ventures is attempting to raise its third fund, targeting $50 million to focus on early-stage startups with global potential.

The Hanoi-headquartered firm closed its second fund at $60 million in 2022 and the new one is expected to help it accelerate its global expansion.

ThinkZone has just welcomed Hoang Nguyen as partner and head of investment for the new business chapter.

“His experiences are instrumental in raising ThinkZone Fund III, which prioritizes foreign resources,” the firm said in a statement, adding that the third fund is expected to close this year.

Hoang brings over 10 years of experience in finance and investment, having previously worked at Deloitte Vietnam Financial Advisory and Vietnamese multi-business private corporation Sovico Group.

“He is a key addition to ThinkZone's team as the company looks to expand its global footprint,” the firm added.

His distinguished track record in global enterprises, his engagement in international ventures with foreign startups, and his global network have endowed him with the expertise and acumen to advance ThinkZone’s vision of “Go Global,” according to the VC firm.

"He was inspired by the company’s aim to “become the leading VC firm in Vietnam with the largest scale of local resources for mentoring and developing startups to a global scale."

“I want to help transform ThinkZone into a go-to early-stage investment partner for foreign investors, whose support and expertise will massively contribute to taking Vietnam's startup ecosystem to the next level," he said.

Hoang has been directly involved in various investment activities, including the acquisition of Movi, a Vietnamese fintech company, by Sovico Group; and the divestment of OK System Polska, one of the largest tech-based providers of employee fringe benefits solutions (gym and fitness sports cards) in Poland, to Medicover AB, a listed multinational healthcare group headquartered in Sweden, according to ThinkZone.

Earlier this month, Singapore-based VC firm TNB Aura said it was in talks to raise capital for its third fund to be focused on Vietnam as a core market.

TNB Aura is looking to double down on investments in Vietnam in the next few years, the venture capital firm wrote in a statement on its website on August 7.

“TNB Aura expects to make another 5-7 investments into Vietnam over the next 18 months,” its founding partner Vicknesh Pillay said in the post.

TNB Aura has established a Scout initiative to tap into early-stage opportunities in Vietnam. Last year, TNB Aura Vietnam Scout partnered with ThinkZone Ventures to launch the Global Minds Accelerator program to co-invest, mentor, and support Vietnamese tech startups.