HATCH! VENTURES and Crevisse Consortium made 45,000 USD Seed fund for 03 Social Impact Companies under Remake City: Hanoi & HCMC program.
Hanoi, November 27, 2017 — HATCH! VENTURES, Vietnam’s leading Startup Ecosystem Builder and Incubator, and its strategic partner Crevisse Consortium, South Korea’s impact ventures group, has made 45,000 USD Seed fund in Cash to 3 social impact companies for HATCH! Incubation Program Batch 2, also known as Remake City: Hanoi & HCMC.
Remake City: Hanoi & HCMC is a joint program to incubate startups with sustainable and innovative solutions for tangible problems in major cities in Vietnam, besides Seoul (South Korea) and Jakarta (Indonesia). As an impact ventures group, Crevisse Consortium has been driving impact investment to solve social problems through innovative business and technology. In 2016, the aggregated revenue of the portfolio companies is USD 15 million — with 30% penetrating the global market, and 60% achieving the follow-on investment.
These companies were selected from a nationwide selection and due diligence process of the most promising startups participating HATCH! Competition Series 2017 under largest annual Entrepreneurship Conference and Startup Exhibition, named HATCH! FAIR the Fifth.
Introduction of 3 companies
- Imagtor (Hanoi): providing video and photography editing service with majority of the staff are People with Disabilities (PwDs). The company started to generate profit after 4 months of operation with 100% customers from oversea, and a monthly sale growth is 36%;
- 1516 Green Design (Hanoi): providing low-cost systems of wind turbines and solar panels to generate electricity for the poor in remote areas. There are almost 100 wind turbines and solar systems installed within 2017 for poor households in the northern area of Vietnam (Hanoi, Lao Cai, Ha Giang, Nghe An, etc.);
- Healthy Farm (Danang): aiming to improve the entire clean food value chain through a multi-level approach which includes: increasing the general supply of clean food; enabling a fair income for farmers with affordable prices for consumers and connecting the two through monthly Farmer’s market events and an online platform to increase market access and reduce spoilage. After a year of operation, they created a community of 3,000 members with 8 Farmers’ market event supporting 20 farms.
All three teams are now eligible to receive business development consultancy and trainings provided by HATCH! VENTURES, with a total of USD 45,000 seed funding at the beginning, and a follow-up funding opportunity up-to 150,000 USD after 3 months of the program. The Goal of the Incubation Program is to transform startup innovations into viable, investible commercial businesses, and expand the impact to the society to achieve the Sustainable Development Goals (SDGs).
About Program Partners
Under Remake City: Hanoi & HCMC, Crevisse Consortium includes different partners: 1) KOICA (Korea International Cooperation Agency) sponsors the program as part of its impact investing initiative; 2) MYSC (Merry Year Social Company) co-manages with Crevisse Partners and co-implement the program with HATCH! VENTURES with strong local presence as a leading entrepreneurship community builder and incubator.
Korea International Cooperation Agency (KOICA) has been supporting the sustainable socioeconomic growth of partner countries. From 1992, KOICA has promoted amicable and cooperative relation with Indonesia, reaching the total supporting amount of USD 153.4 million.
Creivsse Partners is an impact ventures group tackling impossible problems of the world through innovative business and technology. Crevisse Partners has built impact ventures in order to catalyze strong market penetration and greater social impact.
Merry Year Social Company (MYSC) is a social innovation consulting and investing institution, having cooperated with 47 social ventures and managed numerous projects with 85 social innovation teams. MYSC is also well known as the first impact investor qualifying B Corporation in Korea.
HATCH! VENTURES VIET NAM
HATCH! was launched in 2012 with the mission to support entrepreneurs and promote the early-stage startup ecosystem in Vietnam. Since then, HATCH! activities and leadership have made international headlines, as the organization supports thousands of individual entrepreneurs operating hundreds of startups. In 2017, HATCH! expands through Ecosystem Building, Accelerator / Incubator Programs, and Co-Working Space.