Within the framework of the ‘Expanding into the Vietnamese market’ activity which was part of a series of events of the ongoing National Innovation and Entrepreneurship Festival (Techfest-Whise 2023) in Ho Chi Minh City, the Da Nang Department of Science and Technology signed a cooperation agreement with the Quest Ventures, a top venture capital firm in Asia, on Friday.

The Da Nang Department of Science and Technology signs a cooperation agreement with the Quest Ventures on the afternoon of November 23. Photo courtesy of the Da Nang Department of Science and Technology.

Collaborative activities include training and coaching the angel investment fund network, startup accelerator incubation courses, promotion and connection in the field of innovative startup ecosystems.

In addition, the municipal Department of Science and Technology will support workspace for Quest Ventures in Da Nang at the Viet Nam Innovation Hub.

The cooperation agreement provides an opportunity for the two sides to learn and share experience, and connect and develop the innovative startup ecosystem in Da Nang. It will bring the potential to attract international investment capital, promoting innovation and creativity in the local startup community in the coming time.

Founded in 2011, Quest Ventures is a venture capital firm headquartered in Singapore. The firm prefers to invest in early-stage companies operating in artificial intelligence, e-commerce, marketplace, food, insurance, logistics, entertainment, media, finance, property, digital tech, and sports sectors across Asia region.

To date, Quest Venture has invested in more than 100 startups in Asia, of which 3 startups have become technology unicorns, each valued at $1 billion or more.

At the signing ceremony, the Quest Ventures representatives expressed their desire to support and improve the capacity of start-ups in Da Nang, thereby accessing the fund’s international capital markets and fund ecosystems.

Reporting by VAN HOANG - Translating by M.DUNG