IDG Ventures Vietnam invests in two web ventures

17/07/2008 -- 6:48 PM

HCM City (VNA)- IDG Ventures Vietnam on July 17 announced its strategic investment in Mua-Ban (Buy-Sell) joint stock company and Pyramid Consulting Vietnam (PyCo). Mua-Ban is an online advertisement network with its website, www.muaban.net , receiving more than 1 million hits a month and IDG Ventures Vietnam says it expects its investment will leverage the local company’s promotion strategy and help it develop its online advertising to reach a larger number of customers. Additionally, Belgium-Headquartered PyCo is expected to reach its strategic goal of becoming a leading partner of international advertising and communications groups with investment from the IDG Ventures Vietnam. Addressing the license-granting ceremony, Patrick McGovern, founder and chairman of IDG, praised Vietnam ’s recent economic growth, especially its IT industry’s dynamism and its development index in the world top rankings. McGovern said he believed IDG made the right choice in investing in Vietnamese companies and that its investment would bring in fast returns. The US-based IDG Ventures is a global network of venture capital funds with more than 2 billion USD under its management. It is also the first US venture capital fund invested in information technology in Vietnam with 100 million USD capital. IDG has invested in 300 companies in Asia, including 35 IT companies in Vietnam . By 2010, IDG plans to set up another fund capitalised at around 300 million USD to invest in IT companies in Vietnam to help them become national giants and strive for international status.-Enditem
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