VinaCapital Ventures, the VC arm of VinaCapital Group, has announced an investment in Hub Global JSC, an accelerator for startups creating blockchain solutions across various verticals.
With this, VinaCapital Ventures will become Hub Global’s largest external shareholder. It will now get a seat on the firm’s board of directors.
Also read: The art of blockchain: What is the NFT craze all about?
Hub Global JSC was founded in 2021 by Linh Han (CEO at local accelerator-cum-VC fund VSV Capital), Bryan Pelz (former co-founder and current board member of local tech unicorn VNG), and Hai Bui (former head of business technology transformation at Vietnam’s leading commercial bank Techcombank and Singapore’s blockchain-based liquidity hub Kyber Network).
Hub Global focuses on three key areas: incubator/accelerator, blockchain community and sandbox, and blockchain investment fund.
The newly established blockchain fund is backed by ten LPs and several entrepreneurs. It claims to record a 5x profit from the initial investments after three months of operation.
“It’s clear that blockchain has enormous potential far beyond cryptocurrency, and Vietnamese startups are already making inroads in developing blockchain solutions in several applications,” said Trung D. Hoang, partner at VinaCapital Ventures.
The Southeast Asian region has onboarded a significant number of blockchain-focused funds this year, including Singapore’s US$75 million fund, NextTech’s US$50 million fund, True Global Ventures’s US$100 million fund, LuneX Ventures, and Zilliqa’s US$5 million fund, to name a few.
This aligns with the global trend; in the first nine months of 2021, global blockchain financing soared to reach US$15 billion, an increase of 384 per cent from US$3.1 billion in 2020, as per a CB Insights report.
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