Ascend Vietnam General Partner Eddie Thai
Ascend Vietnam Ventures, a relatively new VC firm, gained attention after its successful investment in Sky Mavis (Axie Infinity). Founded by former 500 Vietnam Partners Eddie Thai and Binh Tran in May 2021, the early-stage VC firm has made other successful bets in companies like Kilo and Virtual Internships.
Recently, Ascend Vietnam announced that its early-stage fund, AVV Alpha, exceeded the US$50 million target during the funding winter that has impacted growth-stage startups worldwide. In an interview with e27, Eddie Thai discussed the funding winter, the Vietnamese startup sector, and the local Web3 industry.
Edited excerpts:
The Vietnamese startup sector is performing relatively well despite the global funding winter. How do you view the investment landscape in Vietnam?
The Vietnamese startup scene has been resilient so far.
One reason for this is the composition of the startup ecosystem in Vietnam, which is skewed towards more early-stage startups and fewer late-stage ones. Another contributing factor is the relative valuation levels in Vietnam compared to other markets like the US, which may not have been as inflated, leading to a lesser impact when the downturn hit globally.
Moreover, Vietnam’s positive economic growth outlook, especially in technology, provides a strong foundation for the local startup sector.
What is Ascend Vietnam Ventures’ perspective on the investment landscape in Vietnam?
Vietnamese founders have faced challenges in accessing venture capital historically, but the landscape has significantly improved. Vietnam offers attractive opportunities for entrepreneurs globally due to its tech talent pool, affordable startup costs, and expanding market access.
Given the current funding environment, do you expect growth-stage companies to focus more on profitability rather than growth?
In light of the current conditions, some companies may need to prioritize profitability over rapid growth to ensure sustainability. While the fundraising landscape may be challenging, companies with strong unit economics are likely to continue attracting capital.
What are your thoughts on celebrating unicorns that are not profitable?
While sustainable impact should be the ultimate goal, celebrating interim successes is important for founders on the arduous entrepreneurial journey. Achieving profitability is crucial for long-term success, and companies should aim for financial sustainability.
How does Ascend Vietnam Ventures view the future of Web3 in Vietnam?
Ascend Vietnam Ventures believes in the transformative potential of Web3 technologies and their ability to create unique solutions. With a strategic advisor like Edith Yeung, a prominent figure in the crypto space, we are carefully evaluating opportunities in the Web3 sector. We aim to support projects with strong teams and clear long-term visions that can make a meaningful impact.
—
This article was first published on July 1, 2022
The post ‘Vietnam can be an excellent launchpad for regional, global startups’: says Eddie Thai appeared first on e27.