The International Data Group (IDG) last Friday announced plans to invest in a local software developer and advertising firm via its venture capital fund.
International Data Group Ventures Viet Nam, the country’s first technology venture capital fund, plans to buy into Vega Software JSC and Goldsun Focus Media JSC.
"We are extremely excited about the fund’s investment in Vega and Goldsun. Vega is an innovative technology company with a solid track record of multiple innovative products," says Nguyen Bao Hoang, the fund’s managing director.
"Goldsun Focus Media is another terrific company with a strong local brand name in advertising, an excellent management team and a partnership with NASDAQ-listed Focus Media from China."
It is not the first time IDG has teamed up with Goldsun. In November 2006, the advertising company launched the VND80 billion (US$5 million) Out-Of-Home Media project, during which IDG participated as a strategic shareholder.
"We welcome IDG Ventures Viet Nam as a strategic investor. With the fund’s support and capital, we believe our growth targets will be achieved, becoming one of the leading technology companies in Viet Nam and the region," said Vega Software CEO Le Huu Son.
The IDG fund has pumped a combined $25 million into 16 Vietnamese companies, focusing mainly on technology and communications. Fund managers plan to announce another 6-8 investments worth about $12 million by the end of the year, expanding into new areas including bio-technology.
IDG also plans to set up a second fund in Viet Nam worth around $250 million in 2007 to raise its total investment into the country to $650 million, says IDG President Patrick McGovern.
Source: VNS
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