The partners will support 500 Startups to find local startups in the technology sector to invest. Thai said the fund would make a maximum investment of US$250,000 in each startup when they are working on prototypes.
“In the short term, we are venture partners of 500 Startups but a new fund for the Vietnamese market would be set up in the coming time,” he said.
Binh quoted Khailee Ng, 500 Startups’ Southeast Asia-based managing partner, as saying that 500 Startups is willing to invest in Vietnam and the matter is whether venture partners in the country are ready or not.
“We are ready now,” Binh said.
Headquartered in Silicon Valley in the U.S., 500 Startups focuses on investments in technology startups. Earlier, the venture capital fund poured money into three Vietnamese startups, namely Ticket Box, BabyMe and Tappy.
Thai graduated from Harvard University and got an MBA degree from Yale University. He was former director of strategy and corporate development of CJ CGV Vietnam and former chief executive officer of Vietnam Accelerator Fund.
Binh has 20 years of experience in the technology sector and was a co-founder of four startups, including Klout in 2008. The firm was acquired by Lithium Technologies at a cost of US$200 million last year.
Klout is a website and mobile app that uses social media analysis to rank its users according to online social influence on social networks.
