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Singaporean investor to invest $500,000 in 10 startups

Released at: 19:24, 01/02/2018

Singaporean investor to invest $500,000 in 10 startups


Singapore Investment Fund agrees to invest in ten graduates of Topica Founder Institute's seventh training program.

by Hai Van

The Singapore Investment Fund has decided to invest $500,000 in as-yet-unknown startups in Vietnam, according to information released from the Topica Founder Institute (TFI) at the Topica Founder Showcase 6 held in late January. 

The showcase was attended by nine of the 13 startup graduates of TFI’s sixth training program: Unica, Logivan, Hachi, iSofh, Ferosh, Innaway, Makiplace, Fresh Deli, and BookingCare. Many startups yet to graduate from the course have called for capital of up to $500,000.

This is good news for Vietnam’s startup community and especially for future TFI graduates. TFI and the Singapore Investment Fund signed an agreement on investing in ten startups joining and graduating from TFI’s seventh training program, which begins in May, with each receiving $50,000.

A representative of the Singapore Investment Fund said it has a lot of belief in startups in Vietnam. “We believe that Vietnam’s technological products will continue to grow after a period of working with companies and receiving investment,” he said. “When meeting with TFI and interacting with the startups participating in the program, we find it a promising seed funding opportunity that will be very effective.” It also highly values the quality and performance of TFI, with 26 per cent of graduates successfully calling for seed funding and Series A funding.

“This cooperation will provide greater opportunities for Vietnam’s startups, and potential startups will receive the capital upon graduating from the program,” said Mr. Tran Manh Cong, Director and Co-founder of TFI.

“Shortly after joining the TFI, my associates and I set up the company as a platform for distributing digital content on mobile phones,” said CEO of Appota, Mr. Do Tuan Anh, “This is the basis for Appota to become an ‘expert in the mobile business’ with more than 5 million monthly users in our ecosystems and growing in three areas: games publishing, advertising, and billing.”

CEO of Beeketing, Mr. Truong Manh Quan, one of 30 prominent youngsters under 30 years of ages listed in Forbes Vietnam’s “30 Under 30” in 2015, made breakthroughs internationally soon after joining TFI. The startup has received investment from 500 Startups in the US, established a Silicon Valley headquarters, and grown rapidly, reaching a milestone of more than $2 million in revenue after just a couple of years in business.

When accepting to join TFI, startup founders not only have the opportunity to learn from mentors such as Mr. Le Hong Minh (Founder of VNG), Mr. Pham Minh Tuan (Founder of the Topica Group), Mr. Tran Viet Duc (Vice President of IDG Vietnam), and Mr. Nguyen Manh Dung (from CyberAgent Ventures), but can also receive investment capital upon graduation. Support is also provided by Google, Amazon, and Facebook, with sponsorship packages totaling $1.5 million.

TFI was recognized by Southeast Asia’s startup community last year as being one of the most effective nurseries in the region. After eight years of operations, nearly 50 successful startups have been created: Appota with 250 employees.

The Topica Founder Institute is a startup training program held annually since 2011 by the Topica Edtech Group and Founder Institute, based in Silicon Valley, in over 60 countries and 175 cities around the world.

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