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Ascend Vietnam Ventures has closed its flagship, early-stage venture capital fund at $64 million, a top executive told DealStreetAsia.
In June, AVV announced that it had exceeded its $50 million target for the debut fund, which will seed up to $2 million into 25 startups by next year and follow up with checks of up to $5 million.
Eddie Thai, co-founder and general partner of AVV, said its backers across the Asia-Pacific region, Europe and North America made capital commitments to the fund. The Asia-Pacific region accounted for a little over half the commitments.
Notable institutional limited partners backing the fund include the International Finance Corp., the Emerging Markets Impact Investment Fund, Capria, Blue Future Partners and Orient Growth.
