Venture capital companies may be writing fewer checks in 2025, but that doesn’t mean less interest, but rather a more selective and disciplined investment climate.
In other words, fundraising cycles are longer. Expectations are higher. And fewer startups can actually pass the due diligence requirements.
So, where is the capital going now? In this short guide, we take a look at the evolving fundraising landscape and spotlight the most active venture capital firms in Vietnam.
Vietnam’s Startup Fundraising Trends
As of May 2025, Vietnam’s startup scene has had a slower-than-usual start. Just seven equity deals closed, totaling $38.1m, down nearly 50% from the same period last year.
The dip isn’t surprising. It mirrors what we’re seeing across Southeast Asia, with investors still cautious after the global tightening cycle and the valuation corrections of 2023 and 2024.
But there’s more to the story. Geopolitical tensions — including Trump’s new tariffs — are starting to weigh on sectors like e-commerce logistics and manufacturing. These are areas where Vietnam has traditionally been strong, but the added costs and uncertainty are leading to slower deal cycles.
Still, Vietnam isn’t losing ground. Its role as a China+1 destination remains strong — possibly even stronger now, given the global push to diversify supply chains.
What’s really changing is investor behavior. Venture capital companies are getting sharper about where the money goes. There’s a clear shift toward efficiency, sustainability, and founders who understand their market and know how to get to profitability.
Deals are still happening, but term sheets now come with more questions. Who’s the team? What’s the traction? Is there a real business here?
The bar has gone up. But so has the quality. Founders solving real problems — and showing solid execution — are still closing rounds. And in many cases, they’re getting better-aligned deals than they would’ve just a couple of years ago.
Key Trends from Venture Capital Companies in Southeast Asia for 2025
It’s been a telling start to 2025 for Southeast Asia’s venture capital landscape.
Investors are still deploying capital, but with more intention. Smart tech, clearer business models, and solutions that actually solve something are taking precedence. Hype, on its own, just doesn’t cut it anymore.
AI and FinTech continue to attract strong interest. Both sectors have seen steady support over the past few years, and that trend hasn’t slowed. But the bar has been raised. Flashy demos are being replaced by serious conversations around usability, measurable outcomes, and long-term viability.
When it comes to startup funding, impact investing is gaining momentum.
Impact investing is also having a moment. According to the Global Impact Investing Network, around 90% of Asia-focused impact investors say their returns meet or exceed expectations. Climate resilience, financial inclusion, and social equity are no longer nice-to-haves — they’re now seen as solid building blocks for high-performing portfolios. For many funds, Southeast Asia is moving to the center of the map.
But perhaps the clearest theme of the year? Discipline.
Beyond trending sectors, there’s also a clear shift toward responsible, efficient growth.
As markets tighten, customers are increasingly demanding transparency and sustainability, while some startups have resorted to questionable tactics to deceive not only customers but also investors. This erosion of trust has triggered a more cautious investment environment, leading to stricter due diligence and a greater emphasis on capital efficiency over unchecked growth.
That means profitability matters more now, far more than it did a few years ago. The era of “growth at all costs” is swiftly fading, and founders who can demonstrate strong fundamentals and smart capital use will stand out.
Want to see if you stand a chance of attracting investors and securing funding to fuel your startup? Check out our investor-ready checklist here!
Top 10 Most Active Venture Capital Companies for Vietnam’s Startups in 2025
VinaCapital
- Investment Stage: Series A & Beyond
- Industry Focus: Agnostic
- Prominent Portfolio: Quickcom, Homebase, Protos Labs, Sygnum, Hub Global JSC, UrBox, Anvui, Chicilon Media, Dutycast, Ecomobi, Globalcare, Gostream
- Website: https://vinacapital.com/
As one of the most active venture capital companies in Vietnam, VinaCapital Ventures — the VC arm of VinaCapital Group — focuses on investing in Vietnamese startups and integrating them into a fully connected digital ecosystem.
With a mission to support startups that create meaningful impact in Vietnam and beyond, VinaCapital targets asset-light digital companies that address critical industry challenges and drive large-scale transformation across growth markets.
Backed by global investment expertise and deep local experience, the firm empowers visionary founders with capital, strategic networks, and market insights to help them scale effectively.
Interested in securing funds from VinaCapital? Connect with them directly through the support of Capital JDI!!
Ansible Ventures
- Investment Stage: Pre-Seed & Seed
- Industry Focus: Agnostic
- Prominent Portfolio: Zitore, Curieous, NativeX, Flex
- Website: https://ansible.ventures/
Ansible Ventures is a dedicated Pre-Seed and Seed fund based in Vietnam that partners with ambitious teams from day one, acting as a trusted co-founder.
The fund invests in high-margin, fast-growing technology companies with the potential to capture large market opportunities and drive meaningful progress. While sector-agnostic, the team’s core areas of expertise include consumer internet, SME/MSME software, and their practical applications.
Ansible Ventures is comfortable leading rounds and open to co-investing alongside other partners.
Interested in securing funds from Ansible Ventures? Connect with them directly through the support of Capital JDI!!
Do Ventures
- Investment Stage: Pre-Seed & Seed
- Industry Focus: Agnostic
- Prominent Portfolio: Metub, MFast, vuihoc.vn, Palexy, Advance, Cooky, Flex OS, Azota, Coolmate, Ringle
- Website: https://doventures.vc/en
Do Ventures is one of the prominent early-stage venture capital companies dedicated to investing in innovative startups across Vietnam and Southeast Asia.
The firm partners with visionary entrepreneurs who are building disruptive products that create meaningful value for society, aiming to nurture them into trailblazers capable of shaping new consumer behaviors and redefining industries.
Driven by its core philosophy, “Grow by Doing,” Do Ventures champions action-oriented founders and encourages entrepreneurs to take calculated risks, push boundaries, and extend their vision beyond conventional limits.
Interested in securing funds from Do Ventures? Connect with them directly through the support of Capital JDI!!
Zone Startups Vietnam
- Investment Stage: Pre-Seed & Seed
- Industry Focus: Agnostic
- Prominent Portfolio: Halana, GoStream, Fundiin, Bravo HR, EI Industrial, LadiPage, Aircity, Vdes, Beekids.
- Website: https://vietnam.zonestartups.com/
Zone Startups Vietnam is part of the global Zone Startups accelerator network, sourcing forward-thinking founders and strong teams with the vision to become fast-growing market leaders.
They provide hands-on strategic and tactical guidance to startups aiming to achieve market validation and customer acquisition, along with access to investors, corporate partners, and experienced advisors.
For startups with exceptional potential, Zone Startups Vietnam also offers seed capital and ongoing support for future fundraising rounds.
Interested in securing funds from Zone Startups Vietnam? Connect with them directly through the support of Capital JDI!!
Reazon Capital
- Investment Stage: Seed to Series A
- Industry Focus: Sector agnostic
- Prominent Portfolio: Kamereo, Validus Vietnam, Vulcan Augmetics, CuboRex, Space Quarters, Jendela, Toggle, N.B Medical, Zelvia.
- Website: https://capital.reazon.jp/en
Reazon Capital stands out among venture capital companies as the principal investment division of Reazon Holdings, combining a strong focus on startup investments with active engagement in mergers and acquisitions aimed at generating significant returns.
Unlike traditional funds, Reazon Capital invests using its capital, which removes constraints on the investment period, enables flexibility across asset classes, and reduces exposure to market fluctuations.
Their core investment principles focus primarily on Pre-Series A startups, particularly those targeting potentially large-scale markets and markets where portfolio companies can build a strong competitive advantage.
Interested in securing funds from Reazon Capital? Connect with them directly through the support of Capital JDI!!
Monk’s Hill Ventures
- Investment Stage: Seed to Series A
- Industry Focus: Sector agnostic
- Prominent Portfolio: Elsa, Vucar, Ninja Van, Botmd, Crowde, Coderschool, Credibook, Dagangan, Delos, Erudifi
- Website: https://www.monkshill.com/
Monk’s Hill Ventures is one of the top venture capital firms that backs early-stage technology startups across Southeast Asia, primarily investing in companies that utilize technology to enhance the lives of millions in the region.
Since raising its first fund in 2014, the firm has built a robust portfolio of over 50 fast-growing companies, spanning a wide range of business models and industries.
Backed by institutional investors, family offices worldwide, and a diverse network of stakeholders with expertise in cybersecurity, data science, financial services, and healthcare, the firm provides founders with the access and guidance they need to scale their businesses effectively.
Interested in securing funds from Monk’s Hill Ventures? Connect with them directly through the support of Capital JDI!!
Insignia Ventures Partners
- Investment Stage: Series A & Beyond
- Industry Focus: Agnostic
- Prominent Portfolio: GoTo, Brankas, Appier, Carro, Ajaib, Aniday, Aspire, AwanTunai, Bakool, Beam Mobility, Bloomo
- Website: https://www.insignia.vc/
Insignia Ventures Partners is one of the leading Southeast Asian venture capital companies that invests in early – to growth-stage technology companies, supporting them as they create meaningful impact for millions of people in Southeast Asia and beyond.
Backed by a global base of premier institutional investors—including sovereign wealth funds, foundations, university endowments, and prominent family offices from Asia, Europe, and North America—Insignia brings both capital and strategic value to its portfolio companies.
At the core of Insignia’s investment philosophy is a long-term commitment to founders. From the earliest stages, the firm builds enduring relationships and provides continuous support, ensuring startups not only scale but do so sustainably.
Interested in securing funds from Insignia Ventures Partners? Connect with them directly through the support of Capital JDI!!
Ascend Vietnam Ventures
- Investment Stage: Pre-Seed to Series A
- Industry Focus: Agnostic
- Prominent Portfolio: Sky Mavis, Elsa, MFast, Coolmate, ApplyBoard, Retrocausal, Cerebry, Virtual Internships, Techcoop, Funding Societies
- Website: https://www.avv.co/
Ascend Vietnam Ventures (AVV) is an operationally focused venture capital firm with deep Silicon Valley roots, combining global networks and technical expertise with hands-on strategic support for early-stage founders in Vietnam and beyond.
Having deployed venture capital since 2015, AVV typically invests in innovative software solutions that address complex, high-impact problems.
The firm aims to be a startup’s first investor and long-term partner, offering more than just capital, but also the resources founders need to scale, whether it’s talent, growth strategy, or access to follow-on funding.
Interested in securing funds from Ascend Vietnam Ventures? Connect with them directly through the support of Capital JDI!!
CyberAgent Capital
- Investment Stage: Pre-Seed to Series A
- Industry Focus: Agnostic
- Prominent Portfolio: Dendoh Inc., VisionAI, ZIDAI, Thunder Compute, OMO, Rey
- Website: https://www.cyberagent.co.jp/en/
CyberAgent Capital is the corporate venture capital arm of CyberAgent, Inc., specializing in early-stage investments with a strategic focus on internet-related startups.
Guided by the vision “to create the 21st century’s leading company,” CyberAgent Capital is among the few venture capital companies that combine capital with hands-on support to help visionary entrepreneurs scale their businesses and expand globally.
Interested in securing funds from CyberAgent Capital? Connect with them directly through the support of Capital JDI!!
Openspace Ventures
- Investment Stage: Pre-Series A & Beyond
- Industry Focus: Agnostic but like to look at Finance, Healthcare, Saas
- Prominent Portfolio: Finhay, Every Half Coffee Roasters, Kredivo, Biofthiermis, Love, Bonito, Igloo
- Website: https://www.openspace.vc/
Openspace is a leading VC firm investing in transformative, technology-driven companies across Southeast Asia, where innovation intersects with everyday life.
With a focus on creating lasting impact, Openspace provides entrepreneurs with deep operational expertise and the active partnership needed to scale responsible and sustainable B2B and B2C businesses.
Co-headquartered in Singapore and Jakarta, with active offices in Bangkok, Manila, and Ho Chi Minh City, Openspace manages six funds and supports a portfolio of 45+ companies.
Interested in securing funds from Openspace Ventures? Connect with them directly through the support of Capital JDI!!
Secure Funding From Venture Capital Companies Faster with Capital JDI
The list above gives you a solid overview of active VC firms that are currently on the lookout for promising startups, especially in Vietnam. But here’s the truth—cold outreach alone rarely cuts it these days. With investors becoming more selective than ever, it’s harder to stand out in a crowded inbox.
At Capital JDI, we work closely with a network of 300+ VCs and top investors in Vietnam and beyond (yes, including the ones listed above) to give founders a real advantage—through warm introductions and tailored fundraising support—to accelerate your capital-raising journey with precision and results.
If you still need guidance before the real deal, check out the Next Wave Capital Program to get strategic mentorship from top firms like Antler and The Ventures, and more, plus hands-on pitch refinement and direct access to decision-makers in leading venture capital companies.
