Ho Chi Minh City-based micro-fund 500 Startups Vietnam has received US$14 million for investment in Vietnam-headquartered startups or companies catering to the Vietnamese market, according to TechCrunch.

The investment was raised through its parent, 500 Startups, a Silicon Valley startup accelerator and venture capital fund, from GS Shop, Humax, NCORE, and many other investors in Asia, the U.S., and Europe.

500 Startups Vietnam was launched in March 2016 with a $10 million target to back a new group of Internet-era startups after the U.S.-based startup incubator paid attention to Vietnam, which is transforming into one of the most rapidly-expanding tech ecosystems in Southeast Asia.

The fund is managed by venture partners Eddie Thai and Binh Tran, who joined 500 Startups in 2015 to lead the firm’s Vietnam efforts.

Eddie Thai is a Vietnam-based businessman having degrees from Harvard and Yale and more than six years of experience in strategy and finance for companies ranging from startups to Fortune 500 corporations across tech, media, telecommunications, and others.

He was recognized in the Forbes Vietnam 30 Under 30 List in 2015 and invited to the World Economic Forum’s Davos conference in 2016.

Binh Tran is a San Francisco-based technologist with more than 20 years of experience.

His most recent win was Klout, which pioneered influencer marketing and was acquired in 2014 at a $200 million valuation.

He was ranked in Business Insider’s “Silicon Valley 100” list in 2013 and “26 Up-and-Coming Tech Entrepreneurs You Need to Watch” in 2012.

The partners plan to capitalize up to 64 more companies, writing checks between $100,000 and $250,000.

Prior to the $14-million funding, 500 Startups Vietnam earmarked a total of $3 million in 36 companies across industries, including e-commerce, edtech and blockchain.

The deal is also the latest instance that investment in Southeast Asia has picked up significantly in 2018.

Companies based in the region raked in more than quadruple capital over the same period last year, according to the financial data and software company PitchBook.

Vietnam, in particular, has become an attractive destination for venture capitalists.

Several new funds have emerged in the country, namely ESP Capital, VinaCapital Ventures, Startup Viet Partners and Zone Startups Vietnam, helping to accelerate investment.

Growth in Vietnam is showing no signs of slowing.

The nation’s digital economy is expected to triple in size, accumulating a value of some $33 billion by 2025, according to the “e-Conomy SEA” report by Google and Singapore-headquartered investment company Temasek.

“In Vietnam, the Internet economy is akin to a dragon being unleashed,” the report stated.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!