According to Khanh Tran, partner at VinaCapital Ventures, as part of the deal, Mirae Asset with over $375 billion in assets under management will invest in the $100 million technology holding firm.
The specific details of the investment, however, were not disclosed when VinaCapital Ventures made the announcement.
Naver, which operates the most-used search engine in Korea, will work with VinaCapital Ventures and its portfolio companies to help them grow and potentially expand beyond Vietnam.
“We are excited to collaborate with Mirae Asset and Naver not simply for the financial investment but for the opportunity to access the experience and technologies that will help our investee companies reach their potential. Naver, which operates a variety of online businesses including the popular LINE messaging app, is well-positioned to help Vietnamese start-ups crack overseas markets such as Korea, Japan, and beyond,” said Tran at the Vietnam Venture Summit on Monday.
Charlie (Choonghwan) Lee, head of Outbound Investment at Mirae Asset Capital and general partner of the fund, said, “We are delighted to partner with VinaCapital, which is one of the pioneering venture capital investors in Vietnam. We share their belief that the opportunities in this country are enormous, and we look forward to working with them and their investees to achieve even greater success.”
Late last year, Mirae Asset-Naver Asia Growth Fund acquired two logistics centres in Vietnam for over $47 million. The investment was said to pave the way for the fund to tap into the fast-growing market of Vietnam that will soon develop into a logistic hub of the region.
Launched in 2018, VinaCapital Ventures seeks to invest in the next generation of Vietnamese and Southeast Asian startups. Its mission is to help develop strong technology companies in Vietnam and assist them in building a regional presence.
In supporting entrepreneurs, VinaCapital Ventures offers capital, network and mentorship. Its team combines a diverse set of skills and experience, ranging from entrepreneurship, product marketing, operational management, and technology strategy, to developing client bases, deal making and capital raising.
VinaCapital Ventures is part of VinaCapital, one of Vietnam’s leading asset management companies with $1.8 billion in assets under management.