Venture fund IDG partners with two more firms
Source: 21-JUL-2008 Intellasia | Saigon Times Daily page 2
Jul 21, 2008 - 7:00:00 AM IDG Ventures Vietnam on Thursday July 17 a strategic partnership with each of Mua Ban Joint Stock Co (MBN) and Pyramid Consulting Vietnam (PyCo). MBN operates a popular classified website Muaban.net, which attracts more than one million buyers and sellers a month. With backing from IDG Ventures Vietnam, MBN is positioned to leverage the online ecosystem and communities of other IDG Ventures Vietnam portfolio companies to expand its user reach.

PyCo, a solutions provider for Web/internet, Wireless/SMS and Multimedia development headquartered in Brussels, Belgium, has a development centre in Vietnam.

IDG Ventures Vietnam is a unit of IDG Ventures, a global network of venture capital funds with over US$3 billion under management and a portfolio of over 300 companies built over the last 15 years.

This is the first US technology venture capital fund in Vietnam since 2004. With US$100 million under management, it has invested in a diverse portfolio of 35 technology firms, including VinaGame, VinaPay, iSphere, Goldsun Focus Media, Vega, VCcorp, Peacesoft, MSS, and YeuAmNhac.

At the investment announcement ceremony held in HCM City, Patrick McGovern, founder and chair of International Data Group, said IDG's investment in Vietnam's IT companies was on the right path and by 2010, IDG would add US$300 million more to the fund to help those companies to grow.