Antler VC and the Ambition to Mass Produce Startups, Aiming to Elevate the 'Unicorn' Ratio in the Vietnamese Startup Market.

Antler Ventures entered the Vietnamese market in 2021 with a unique strategy. Despite its late entry, the firm has developed a diverse and extensive investment portfolio, currently supporting 34 startups. For instance, DO Ventures, led by Hoang Le Vy and Shark Dung Nguyen, is regarded as one of the most active funds in Vietnam, having invested in 15 projects over three years. Similarly, Zone Startups Vietnam, a startup incubator with an investment fund following a model similar to Antler, has 20 projects in its investment portfolio after five years in the Vietnamese market.

Antler's Residency program plays a crucial role in assisting founders in transforming their ideas into tangible projects. As described on their website, Antler positions itself as an investor supporting the most dynamic entrepreneurs globally, guiding them from the "nothing to greatness" phase.

Founded in 2017 in Singapore by Magnus Grimeland, Antler initially focused on early-stage startup investments. However, by 2021, they expanded their involvement to Series C. Notably, Antler's Residency program is relatively new in Vietnam, where the responsibility for nurturing ideas into specific projects typically falls under government and societal entities like BK Holdings affiliated with Hanoi University of Science and Technology or SHTP under Ho Chi Minh City's High-Tech Park.

Collaborations between incubators and private investment funds, such as Zone Startups Vietnam, contribute to the long-term support of startups gaining momentum in the market. Additionally, most early-stage investment funds offer short-term acceleration programs for selected startups, as seen in 500 Startups' Saola Accelerator.

Erik Jonsson, the Managing Partner of Antler Vietnam, shared that each year, about 5,000 candidates apply for the Residency program, but only 5% are selected. The program welcomes applicants from Vietnam, overseas Vietnamese, and international individuals, regardless of whether they have innovative business ideas, as long as they possess entrepreneurial aspirations. Selection criteria for Day Zero participants include adaptability, a willingness to learn, responsibility, operational experience, and commitment to project execution.

After receiving 5,000 applications, Antler conducts interviews and typically selects around 70 founders for a 10-week Day Zero training session. During this period, participants work on transforming their ideas into specific business models through in-depth training, project discussions, and collaboration with peers who share common interests. The aim is to facilitate mutual learning and constructive feedback sessions to refine their projects.

Antler takes on the responsibility of compiling a global database so that aspiring entrepreneurs can refer to and learn from successful startup founders across various fields and countries.

Compared to conventional investment funds that usually require 3-5 meetings before deciding on an investment, Antler invests significant time – 200-300 hours – working and training with founders. Despite having only four staff members in Vietnam and Erik's involvement in Shark Tank Vietnam 2023, Antler has garnered significant results, with 75% of Day Zero projects receiving a fixed investment of $110,000 per startup, securing 12% equity. Currently, 32 out of 34 startups in Antler Vietnam's investment portfolio originated from Antler's Residency, with founders representing 32 different countries. Impressively, 56% of the portfolio includes at least one female founder.

Having conducted four Residency programs in Vietnam since 2021, Antler has invested a total of $3 million. In October 2023, Antler launched its fifth incubation program, featuring standout projects like Naki, Augmented Hype, and Upbrand from Day Zero 5. These startups are tasked with weekly pitching sessions with Erik and the Antler Vietnam team to report progress and engage in discussions for project refinement and improvement.

Antler prioritizes entrepreneurs driven by passion rather than solely financial motives. Erik Jonsson emphasized that not all projects from Day Zero receive investments, but to be considered, they must meet certain criteria: a market with significant potential, reaching a scale of $100 million in 5-10 years; the ability to expand into international markets, at least within Southeast Asia; and founders with significant ambition.

Despite primarily focusing on early-stage investments, Antler is committed to supporting startups in attracting funding from other funds and accompanying them for at least 10 years or until they achieve "unicorn" status or go public. Therefore, at this stage, Antler does not have plans for an exit from the Vietnamese market.

Currently, standout startups in Antler Vietnam's portfolio include BUYO Bioplastics and Alternō. BUYO Bioplastics, operating in the biodegradable plastics sector, with co-founders Do Hong Hanh (CEO), Hoa Trinh, Thu Vuong (CTO), and Linh Le (COO), secured victory at Techfest Vietnam 2023 shortly after its establishment in 2022. In December 2022, BUYO Bioplastics won a prize of up to VND 340 million (equivalent to $15,000) and a golden ticket to participate in AB InBev's global program, 100+ Accelerator. In May 2023, BUYO also raised pre-seed funding from Aldebaran Capital, a family office based in Singapore.

Alternō, founded by Nguyen Quoc Nam, Hai Ho, and Kent Nguyen, three battery innovators who met at Antler's Day Zero in 2022, participated in Qualcomm's hardware technology incubation program in February 2023. Following this, they received $10,000 in cash and an additional $5,000 for patent registration for their sand battery in Vietnam.

Antler has invested in over 900 startups in various fields across 30 cities globally. Their goal is to invest in 6,000 startup companies by 2030. Currently, Antler has raised $285 million for later-stage investments. However, there are no "unicorns" in their investment portfolio as of now.