An Asian technology venture fund formed last year by Singapore and South Korean companies is investing US$2.3 million in Rever, a property technology platform in Vietnam, to help support its technological expansion.
It’s the fourth investment by the S$120 million ($86.7 million) GEC-KIP Technology and Innovation Fund since it was created in July 2018 by Singapore fund manager Golden Equator Capital (GEC) and Korea Investment Partners (KIP).
Rever, which is based in Ho Chi Minh City, plans to open 30 client centres in Vietnam within the next 18 months, the companies say in a joint statement on September 25.
“We’re bullish on tech-based next-generation service platforms that help bring efficiencies to traditional service industries,” Daren Tan, GEC’s managing partner for venture investments, says in the statement, adding that a property technology model “can succeed in a very fragmented market like Vietnam”.
“We will provide Rever with the support to become the leading digital hybrid agency in Vietnam,” he says.
Including Rever, the venture fund has now invested in property technology, e-commerce, and new media and entertainment companies in Singapore, Vietnam and Indonesia at growth stage.
“We are still looking for investment opportunities. We've seen a strong pipeline in sectors such as new media and entertainment, property technology, vertical e-commerce and food technology,” a GEC spokesperson tells Asia Asset Management.
Seoul-based KIP, a venture capital investment unit of financial conglomerate Korea Investment Holdings, manages more than $2 billion of assets at present.
GEC is a business under the Golden Equator Group, which has close to S$1 billion of assets under management.