VinaCapital Ventures, the venture capital arm of asset management company VinaCapital just announced that it has made an undisclosed amount of investment in digital gifting platform UrBox and in Wee Digital, AI and biometric-powered fintech startup. Both companies are Vietnam-based companies, as reported by Deal Street Asia.
“We notice that Vietnamese tech startups are still tackling some of the biggest inefficiencies in doing business. These investments are part of our continued effort to nurture the community and give consumers access to advanced products and services at reasonable costs,” said Khanh Tran, VinaCapital Ventures partner.
UrBox, the digital gifting startup has managed to partner with more than 3,000 retail outlets across Vietnam and with e-commerce sites such as Shopee, Tiki, Adayroi, and Grab. It received pre-seed funding from Vietnam-focussed accelerator and seed fund VIISA prior to this funding round.
Wee Digital, which was founded by serial entrepreneur Christian Nguyen, is said to be the first fintech that applies financial biometrics. This funding is its first VC funding.
Aside from the investments, VinaCapital Ventures also announced the appointment of Philipp Rösler as chairman of its advisory board. Rosler was a former German Vice Chancellor and was an advisor to US-based Founder’s Fund.
For the new role will provide counsel to both VinaCapital Ventures and its portfolio companies.
VinaCapital Ventures was launched in late 2018 with a US$100 million injected by VinaCapital to invest in both Vietnamese and Southeast Asian startups.