The impact investing space in Vietnam is booming, with financial services firm F88 raising a $10 million loan from impact debt investor Lendable, and gender-focused investment fund Beacon Fund supporting rice producer Hoa Nang Organic.
Financial services firm F88 secures $10 million loan from Lendable
Vietnam-based financial services company F88 has raised a $10 million secured loan facility from emerging markets fintech debt financing provider Lendable.
This loan marks the first transaction for Lendable in Vietnam. F88 said it would use the funding to serve more unbanked and underbanked people and MSMEs in the country. The company has amassed 50 million customers by the end of 2021.
“F88 aims to shell out half a billion US dollars in 2022. F88 has expanded its reach beyond F88 branded stores through partnerships with leading retailers and technology partners in Vietnam, making our services available in a network of nearly 4,000 F88 stores and partners,” said Phung Anh Tuan, Founding CEO of F88.
Granite Oak, an existing investor in F88, was the advisor in this transaction, according to a statement.
F88 received its first private equity investment from Mekong Capital in 2017, before raising another round from Dublin-based investment firm Granite Oak a year later. In 2020, these investors continued to inject around $6 million into the company.
Beacon Fund invests in Hoa Nang Organic
Beacon Fund, a Southeast Asian gender-based investment fund set up by Patamar Capital, has invested an undisclosed sum in Vietnamese organic farming company Hoa Nang Organic.
Founded by CEO Dang Thi Truong An, Hoa Nang Organic has “a rare female CEO in agriculture with a demonstrated commitment to gender diversity at the team and farmer level,” Beacon Fund said in a statement.
Producing organic rice as its main product, Hoa Nang Organic claims to have increased its revenue by 30% in 2021, changing its supply chain structure and developing a strategy for selling and delivering products online during the pandemic.
Beacon Fund said its investment will help Hoa Nang Organic with additional resources to expand its operations in the Mekong Delta region. “This will help position the business for the long term, develop additional organic product lines of even higher value and serve more customers,” the investor added.
Hoa Nang previously secured a $500,000 seed investment from Louis Nguyen, chairman and CEO of Saigon Asset Management, and a “shark” on the Shark Tank Vietnam TV franchise, in 2018.