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Do Ventures launches $50 million fund for Vietnamese startups, backed by Naver, Vertex and other notable LPs

Vy Le and Dzung Nguyen, the founders and general partners of Do Ventures, an investment firm focused on early-stage Vietnamese startups

New investment firm Do Ventures announced today the first closing of its fund for Vietnamese startups, which is backed by several of Asia’s most notable institutional investors. Called Do Ventures Fund I, the investment vehicle has hit more than half of its $50 million target, with limited partners including Korean internet giant Naver; Sea, whose businesses include Garena and Shopee; Singapore-based venture capital firm Vertex Holdings; and Korean app developer Woowa Brothers.

Do Ventures was founded by general partners Nguyen Manh Dung, former CEO of CyberAgent Ventures Vietnam and Thailand, and Vy Hoang Uyen Le, previously a general partner at ESP Capital. Its first fund will focus on early-stage companies and invest in seed to Series B rounds.

Both of its founders have a long track record of working with Vietnamese startups. Nguyen was an early investor in companies including Tiki.vn, one of Vietnam’s largest online marketplaces; food delivery platform Foody.vn; and digital marketing company CleverAds. Before she became an investor, Le was a serial entrepreneur and served as chief executive officer at fashion e-commerce company Chon.vn and VinEcom, the e-commerce project launched by Vietnamese real estate conglomerate Vingroup.

In an email, Le told TechCrunch that Do Ventures Fund I is industry agnostic, but will structure its investments into two tiers. The first will consist of B2C platforms, including education, healthcare and social commerce, that serve younger users, and are addressing changes in consumer behavior caused by the COVID-19 pandemic. The second tier will include B2B platforms that can provide services for companies in the first tier, and allow them to expand regionally with SaaS solutions for data and e-commerce services.

Do Ventures’ founders say that between 2016 and 2019, the amount of startup funding in Vietnam grew eight-fold to $861 million last year. But there are still only a few funds that focus specifically on the country, which means early-stage Vietnamese startups often run into funding gaps.

One of the firm’s goals is to help founders weather the impact of COVID-19, so their companies can continue growing in spite of the pandemic.

“We hope tech startups can enable traditional businesses to digitize faster and better adapt to the new normal,” Le said. “For consumers, we hope tech startups can transform customer experience in all aspects of daily life, and bring more accessibility to consumers in remote areas.”

The firm will take a hands-on approach to its investments, helping companies develop new business models. Do Ventures plans to set up an automatic reporting system that collects data about how its portfolio companies are performing, which its general partners say will enable them support startups’ operations, including product development, business organization, supply chain development, and overseas expansion.

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Vietnamese online pharmaceutical marketplace BuyMed raises $2.5 million

BuyMed, a Vietnamese startup that wants to fix Southeast Asia’s complex pharmaceutical distribution networks, announced today it has raised $2.5 million in pre-Series A funding. Investors include Sequoia Capital India’s Surge early-stage accelerator program, and Genesia Ventures. Returning investor Cocoon Capital also participated.

Founded in 2018, BuyMed operates Thuocsi.vn, a pharmaceutical distribution platform in Vietnam. Over the past 12 months, the company says it has tripled its annual revenue, and now plans to add new product lines, including cosmetics, medical devices, supplements and medical services, with the goal of becoming a “one-stop marketplace” for supplies needed by healthcare providers in Southeast Asia.

BuyMed verifies suppliers on its platform, improving safety and reducing the risk of medications making its way into the grey market (or unofficial distribution channels). The startup currently has 700 verified suppliers, distributors and manufacturers on its platform, who serve over 7,000 healthcare providers.

In a press statement, Genesia Ventures general partner Takahiro Suzuki, said, “There is still a tremendous opportunity for growth and improvement in Vietnam’s pharmaceutical supply chain and we believe that BuyMed’s founders have the experience, execution and operational management necessary to tackle this problem.”

BuyMed Co-founder and CEO Peter Nguyen formerly served as a consultant for companies like Eli Lilly, Roche and Siemens, helping them create more efficient operations and supply chains.

Nguyen told TechCrunch that there are no major multi-brand distributors in Vietnam, so most pharmaceutical manufacturers and brands need to set up their own networks. This means the process of getting medications and other pharmaceutical supplies to healthcare providers is highly-fragmented.

There are roughly 200 domestic manufacturers in Vietnam, in addition to imported brands, and their products are handled by over 3,000 distributors. While about 2% of pharmacies in Vietnam are part of a franchise or chain, the vast majority are independent. This means distributors need to serve over 40,000 independent pharmacies and about 5,000 independent clinics.

Nguyen added that fragmentation is similar in many other Southeast Asian markets, giving BuyMed an opportunity to expand across the region.

Thuocsi.vn’s usage has grown over the last 60 days, as more Vietnamese pharmacies source from online channels. In response to the COVID-19 pandemic, BuyMed has expanded its platform so more of its partners can sell online, and added safety measures like frequent warehouse and office sanitization and a no-contact drop-off and cash collection system.

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Facebook agrees to restrict anti-government content in Vietnam after months of throttling

Facebook has agreed to block access to certain anti-government content to users in Vietnam, following months of having its services throttled there, reportedly by state-owned telecoms.

Reuters, citing sources within the company, reported that Vietnam requested earlier in the year that Facebook restrict a variety of content it deemed illegal, such as posts critical of the government. When the social network balked, the country used its control over local internet providers to slow Facebook traffic to unusable levels.

An explanation at the time that the slowdown was owing to maintenance of undersea cables likely did not convince many, since it was specific to Facebook (and related properties Messenger and Instagram).

All things being equal, Facebook has shown in the past that it would prefer to keep discourse open. But all things are not equal and in this case millions of users were unable to access its services — and consequently, it must be said, unable to be advertised to.

The slowdown lasted some 7 weeks, from mid-February to early April, when Facebook conceded to the government’s demands.

One Reuters source said that “once we committed to restricting more content… the servers were turned back online by the telecommunications operators.”

Facebook offered the following statement confirming general, though not specific, aspects of the story reported by Reuters:

The Vietnamese government has instructed us to restrict access to content which it has deemed to be illegal in Vietnam. We believe freedom of expression is a fundamental human right, and work hard to protect and defend this important civil liberty around the world. However, we have taken this action to ensure our services remain available and usable for millions of people in Vietnam, who rely on them every day.

Facebook is no stranger to government requests both to restrict and to hand over data. Although the company inspects these requests and sometimes challenges them, it’s Facebook’s stated policy to comply with local law — even if that means (as it often does) complicity with government censorship practices.

The justification usually offered (as here) is that people in a country with such restrictions are better served with an incomplete set of Facebook’s communications tools rather than none at all.

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These Are Countries Where Startup Funding Is Really Taking Off






In tech circles, it feels like Silicon Valley has been around forever. But in reality, the region’s first big venture-backed tech companies launched barely over 50 years ago.

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Other global hubs, including Seattle, Bangalore and Beijing, have even shorter track records for startup funding. And tech hotspots like Austin and Sao Paolo, have really taken off only in the past few years.

So which places are set to be the next growth centers of startup action? For this latest Crunchbase slideshow, we perused our country-by-country funding data to pinpoint which nations are seeing the biggest jumps in funding activity.

Click through to see which countries saw the biggest year-over-year investment gains. The tabulations also include a look at deal counts, top cities for startups and notable rounds.*

*For this dataset, we did not include seed financings, focusing only on venture rounds of Series A and beyond. 

Flag illustrations: Dom Guzman







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Women and family health startup Maven raised $45 million in its Series C round, bringing its total funding to more than $87 million.

Source: Crunchbase News