Online and TV shopping provider GS Shop and venture capital firm 500 Startups have launched a Vietnam-based accelerator called Saola Accelerator, DealStreetAsia has reported.
Saola will provide up to $200,000 in funding for startups, with 500 Startups investing an initial $100,000 in each participant through its $10m 500 Startups Vietnam fund which GS Shop has the option to match. GS Shop is also one of the fund’s limited partners.
The accelerator will accept Vietnam-linked businesses in three cohorts, supplying hands-on guidance and $500,000 worth of privileges from partners including cloud computing platform Amazon Web Services, as they prepare to demonstrate their business plans to regional VC investors.
500 Startups also operates an accelerator in San Francisco and also has business growth programs in place in Latin America, Europe, Asia and the Middle East. It partnered carmaker General Motors in 2016 on a seed investment and mentoring initiative called Batch 21.