A duo of experienced, serial entrepreneurs in Vietnam today took the wraps off their new, homegrown venture capital firm.

Do Ventures is aiming at $50 million for its debut fund, and has so far amassed just over half of the total ($28 million), it announced this morning (via e27). The entire sum is expected to be in place sometime next year.

The new VC will invest in early-stage startups in Vietnam as well as across Southeast Asia, typically at $500,000 to $5 million a pop. It’s on the hunt for consumer-oriented as well as enterprise-serving startups, as explained on Do Ventures’ website

Do Ventures’ co-founders are Vy Hoang Uyen Le (left) and Nguyen Manh Dung:

Photo: Do Ventures

Do Ventures facts:

  • Based in Ho Chi Minh City
  • Vy Hoang Uyen Le: Serial entrepreneur, as well as ex-general partner at ESP Capital
  • Nguyen Manh Dung: Ex-CEO of CyberAgent Ventures’ Vietnam and Thailand
  • LPs include Southeast Asian tech giant Sea (maker of Shopee) and Korea’s Naver