DAVAS 2024 (Da Nang Venture and Angel Summit), an event of investors and businesses, took place on May 31 in the city. Of the 10 large funds attending the event, there were well known names such as Quest Ventures, Do Ventures, TheVentures, Trive Singapore and Thinkzone. 

Of the 30 projects calling for investment, one was from Singapore, one from Canada, seven from Hanoi and HCM City, and 19 from Da Nang.

Tran Hanh Trang, CEO of Enouvo Space, noted it was difficult for startups to call for investments. They have to seek investors and prepare many pitches before finding funds. DAVAS 2024 is a great opportunity for startups to meet potential investors and listen to comments to know if their products have potential and if the path they are following is the right one.

Enouvo Space sought funding for its digital transformation solution for rental real estate.

Vo Duc Anh, deputy director of the Da Nang Innovation Startup Support Center, confirmed that it was difficult to access capital. “Foreign partners have little information about the startup ecosystem in Da Nang, which is a disadvantage for startup projects,” Anh said.

Most investment funds are located in either Hanoi or HCM City, so Da Nang startups find it difficult to approach investment funds as travel is costly. Therefore, gathering large investment funds in Da Nang offers an opportunity to the startup community.

The 30 projects at the event were divided into two groups. The first consisted of startups which needed less than $500,000 in capital, and the second needed capital of between $500,000 and $3 million.

The startup projects were in different fields, such as smart office management, circular economy, green economy and digital asset management technology. The projects' staff had undergone one month of training on how to call for capital professionally before attending the event. 

James Tan from Quest Ventures said the fund had invested in 100 startups in Asia, and was willing to invest up to $3 million in startups in Vietnam. 

Commenting about Da Nang leaders’ wish to turn the city into a technological and innovation center, Tan said this was within reach.

Le Hoang Uyen Vy, representing Do Ventures, said large investors now have high interest in the Vietnamese market, especially in education and healthcare sectors. 

Da Nang has great advantages, including its strategic position and workforce. Cross-border trade, global AI services and smart industrial production have the most potential.

Dieu Thuy