Early-stage venture · Vietnam & Southeast Asia

grow by doing

We back Vietnam's most ambitious founders from seed to Series B — operators who believe luck is grown, not found.

“Làm nhiều hơn để gặp may nhiều hơn.” — do more, meet more luck.

Submit your startup → Read the 2026 Report ↗
In one line

Do Ventures is a Vietnamese early-stage venture capital firm founded in 2020 by Nguyễn Mạnh Dũng (“Shark Dzung”) and Lê Hoàng Uyên Vy. Its US$50M Fund I — backed by Naver, Sea, Vertex Holdings and Woowa Brothers — invests seed to Series B across 22+ companies, and it publishes the annual Vietnam Innovation & Private Capital Report.

01 Portfolio

The companies
doing it.

Nine of the 22+ companies in the portfolio — every logo is a live company. Click through.

Creator networkVisit EdtechVisit FintechVisit Retail AIVisit Finance automationVisit Filipino fintechVisit EdtechVisit D2C apparelVisit E-commerce SaaSVisit

9 of 22+ companies — the full wall ships with the build.

02 The fund

Operator capital for
Vietnam's next decade.

A focused early-stage fund writing conviction checks into the founders reshaping how 100 million people shop, learn, bank and build.

US$50M
Fund I — deployed across the portfolio.
22+
Portfolio companies, consumer to climate.
Seed–B
First cheques through Series B.
4
Marquee institutional LPs anchoring the fund.
Backed by the companies that built Asia's internet. Fund I LPs
NaverVisit Sea · Shopee / GarenaVisit Vertex HoldingsVisit Woowa BrothersVisit
Fund II · Impact A climate + gender-lens mandate for Vietnam's energy transition. Australia's ADI committed up to US$10M — its first commitment under a Vietnam window, backing an established woman-led fund. Read the announcement ↗

03 The founders

An operator and a
household name.

Two of Vietnam's most recognisable early-stage investors, who left the top of their fields to build the fund they wished existed.

Nguyễn Mạnh Dũng, co-founder and General Partner of Do Ventures
Nguyễn Mạnh Dũng
“Shark Dzung” · Co-founder & General Partner

Spent roughly a decade leading CyberAgent Ventures across Vietnam and Thailand — an early backer of Tiki, Foody and a generation of the country's first internet companies — before becoming a household name as a judge on Shark Tank Vietnam.

He named the fund “Do” on a simple belief: everyone has ideas, but only by doing do you learn what actually works for users.

Before
Head of CyberAgent Ventures — Vietnam & Thailand
Public
Judge, Shark Tank Vietnam
At Do
Co-founder & General Partner, since 2020
Lê Hoàng Uyên Vy, co-founder and General Partner of Do Ventures
Lê Hoàng Uyên Vy
Co-founder & General Partner

Former CEO of Adayroi, VinGroup's e-commerce arm, and a General Partner at ESP Capital — an operator who has both built and backed at scale. A Forbes Vietnam 30 Under 30 honouree.

She leads Do Ventures as one of the region's foremost women-led funds — the reason ADI chose it to anchor a gender-lens mandate in Vietnam.

Before
CEO, Adayroi (VinGroup) · GP, ESP Capital
Honours
Forbes Vietnam 30 Under 30
At Do
Co-founder & General Partner, since 2020
Culture
“Failure is a remarkable opportunity to learn.”

We back daring founders — the people forming Vietnam's new consumer behaviours. Doing more creates more luck; every attempt, even the failed one, compounds. That is what “grow by doing” means in practice.

04 Growth stories

Proof, not promises.

CoolmateSeries C · Nov 2025

Homegrown D2C menswear that turned basics into a national brand — and closed a Vertex Growth–led Series C to fuel its next stage.

coolmate.me VUIHOCHarvard case · Feb 2026

K–12 online learning for Vietnam whose AI-driven model became a Harvard case study — Vietnamese edtech, taught at the world's leading business school.

vuihoc.vn

05 The report

We wrote the book on
Vietnamese venture.

The annual benchmark the market, the media and the ministries cite. We don't just invest in the ecosystem — we measure it.

Cover of the Vietnam Innovation & Private Capital Report 2026
Annual · 2026 edition

Vietnam Innovation & Private Capital Report

Capital markets · PE & VC · structural reform
US$4.5B private capital, 2025 US$509M VC — up 28% #1 VN-Index in ASEAN
Read the 2026 Report ↗ Free to read — hosted at doventures.vc.

06 News & events

What's growing.

All insights
NewsMay 26, 2026

ADI commits up to US$10 million to support Vietnam's climate innovation ecosystem through Do Ventures Fund II

Read NewsFeb 26, 2026

VUIHOC's AI-driven learning model becomes a Harvard case study

Read NewsNov 5, 2025

Coolmate secures Series C to fuel the next stage of growth for a homegrown brand

Read
May 7, 2024 Vietnam Innovation Forum and the launch of the Vietnam Innovation & Tech Investment Report 2024 ↗ Mar 31, 2023 Filipino fintech Advance continues to scale up with regional expansion and US$16M in new funding ↗ Nov 28, 2022 Ex-Foody founders' startup Cooky raised $4.5M from Nextrans and Do Ventures ↗

07 How we work

Six steps. One seed.

The same journey for every founder, from first email to building together — and as you move through it, the seed on the right becomes a plant. Grow by doing.

  1. 01You

    Reach out

    Send your deck to contact@doventures.vc or through the form below. No warm intro required — every submission is read.

  2. 02Us

    First review

    We screen for stage, sector and founder–market fit — against what our own market data says about where Vietnam is heading.

  3. 03You + us

    Partner conversations

    You meet the operators, not associates — digging into product, users and unit economics, the way we once ran our own companies.

  4. 04Us

    Due diligence

    A streamlined checklist shared upfront, so you always know exactly what's left — no surprise homework, no moving goalposts.

  5. 05Together

    Term sheet & investment

    A conviction cheque, seed to Series B, on terms without the runaround — then the wire, and the real work begins.

  6. 06Together

    Grow by doing

    Hands-on help with hiring, growth and the next round — plus the full weight of the Innovation Report's data behind your decisions.

Your company a seed, planted

08 Submit

Building something
daring in Vietnam?

Seed to Series B. Consumer, fintech, education, retail AI, climate. Send the deck — a partner reads it.

contact@doventures.vc 23.01, 9–11 Tôn Đức Thắng, District 1, Ho Chi Minh City

We read every submission. No warm intro required.

Storyboard