Press Release

Ascend Vietnam Ventures Closes Over $50 Million Fund

November 18, 2022

Hong Kong – November 18, 2022 – A Cooley team advised Ascend Vietnam Ventures as it exceeded the $50 million target for its flagship early-stage venture capital fund, AVV Alpha. Pang Lee, Joyce Wang and Mark Liang led the team advising AVV. In addition, Paul Roberts advised on US tax matters, and Guoyu Tao and Seth Pearson assisted on other key aspects of the offering.

“Nothing is more fulfilling in our line of work than helping the next generation of venture capitalists from day one in their own entrepreneurial journeys,” Lee said. “It is especially rewarding to work with Eddie Thai and Binh Tran and their talented team at AVV who are at the forefront of creating opportunities for Vietnamese founders looking to create the next wave of globally iconic companies. We very much look forward to working with AVV as they lead the way in Vietnam and Southeast Asia.”

“Pang Lee has been very supportive since the very start of my VC career eight years ago,” said Thai, who is a general partner of AVV. “He taught me everything I know about VC firm structures and for this fund helped us navigate complex negotiations across a diverse array of institutional investors.”

AVV invests in the next wave of global tech companies emerging in Vietnam, and it’s one of the few top seed funds that solely operates and focuses on the Vietnam market. AVV commits to impactful and socially responsible investments while supporting women-owned and/or women-led startups. AVV’s SHINE, an incubation program dedicated to supporting women founders of early-stage startups, provides 12 weeks of training and mentorship to help navigate the startup journey.

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