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Venture-capital funds invest in e-commerce
Three institutional investors have agreed to invest US$60 million in the online commerce platform MJ Group for further development.
The three investors are IDG Ventures Vietnam, Rebate Networks from Germany and ru-Net from Russia.
MJ Group is the result of a merger of four local internet companies, the company announced yesterday.
The companies are Nhommua (www.nhommua.com), which specialises in an online commerce platform; Diadiem (www.diadiem.com), the location and navigation services provider; Two.vn, a mobile application company; and Two Media that involves online media.
MJ Group is the largest online commerce employer in Viet Nam with almost 500 personnel in HCM City and Ha Noi, according to CEO Tom Tran. He said his staff was expected to double within the next 12 months.
IDG Ventures Vietnam, set up in 2004, is the first technology venture capital fund in the country with US$100 million under its management.
It has invested in more than 40 companies in the technology, media, telecommunications and consumer sectors.
The Berlin-headquartered Rebate Networks invests in innovative companies worldwide with s focus on Asia. It develops global marketing and technology strategies for an international network of hi-tech online commerce startups.
Ru-Netis is a leading internet and IT investment company in Russia with more than 20 investments in Russia, Europe, North America and Southeast Asia.
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