International law firm Withers recently represented Vietnamese based Unicorn specialising in online gaming and technology, VNG Corporation (VNG) in two high profile investments.
VNG is Vietnam’s leading technology company that focuses on online games, platforms, digital payments and cloud services. Constantly innovating and pushing technological boundaries, the company currently dominates the local market with over 20 highly popular entertainment, community and software products.
Withers represented VNG in its investment in Funding Societies, a leading SME digital financing platform in Southeast Asia region. VNG was one of the main investors alongside others including SoftBank Vision Fund 2 in the Series C+ and C2 round of fundraising totalling approximately US$144 million. Funding Societies is licensed and registered to operate in four of the ASEAN nations and territories and will soon make a debut in Vietnam. The team led by Singapore-based Corporate Partner Winston Seow and Senior Associate Yap Ling Man advised VNG on all aspects of the investment.
Withers also represented VNG as the lead investor in its US$22.5 million investment in Telio, a business-to-business e-commerce company in its Series A2 funding round. Telio provides an e-commerce platform connecting retailers with brands and wholesalers. The team similarly led by Winston Seow and Yap Ling Man with the support of Associate Chow Su Rin, advised VNG on all aspects of the investment from start to close.
Winston Seow comments: “Our strong partnership with VNG Corporation is a testament to the strength of our corporate practice in Asia and our commitment to offer a multi-practice, comprehensive service to investors and fund managers in the ever-changing regulatory climate.”