Singapore-based app Grab has launched an accelerator program for startups in Vietnam, according to a report by Deal Street Asia.
The initiative, called Grab Ventures Ignite (GVI), is part of the “Grab for Good” development plan in the country. Vietnam is the first participating country, although Grab has launched similar ventures, like Grab Ventures Velocity in 2018.
“Grab Ventures Ignite will nurture and support promising Vietnamese startups in their journey to become national champions in Vietnam’s tech startup ecosystem, in line with the government’s national strategy to create 10 technology unicorns by 2030,” Grab said in a statement.
GVI, which is a six-month program, is in partnership with Vietnam’s National Innovation Center. There is also collaboration from Gobi Partners, the Vietnam-based Toong Coworking Space, the law firm YKVN and Amazon Web Services, all of which will provide support during the program.
“The startup ecosystem in Vietnam is growing incredibly fast, and tech clusters are also expanding geographically. We are proud to be part of this growth story and actively contributing to it, whether that’s through our R&D center in Ho Chi Minh City, investing in partnerships with local startups like Moca or enabling millions of people in Vietnam to have greater access to digital services,” said Nguyen Thai Hai Van, the managing director of Grab Vietnam.
Also, Singapore’s Infocomm Media Development Authority will host a curated immersion program that will provide cross-border sharing with other startups in Singapore.
“Vietnam’s startup ecosystem is very well-poised for digital disruption by startups, with investments increasing sharply over the last year, we believe that we are in a strong position to propel it to the next chapters through Grab Ventures Ignite,” added Chris Yeo, head of Grab Ventures.
The program will have five winners; they will each have a chance to secure an investment of up to $150,000.
“Our firm has already invested in Vietnam, and we see the country’s value and potential: Their technical talent is strong, and supporting their startup scene fits our investment thesis of investing in emerging markets,” said Dan Chong, managing director of Gobi Partners.