ITI Fund

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Who Are We

ITI FUND

The ITI FUND (Increase–Together–Innovation Fund) represents a pioneering startup investment initiative established by the 4M Group. We aligns with governmental directives and advocacy, further garnering support from Vietnam's entrepreneurial community. The overarching objective is to elevate the value of local specialties to a global scale through strategic investments and innovative approaches

10+

international trading partners, including the US, UK, Germany, France, Spain, UAE, Japan….

25+

partners within
the startup ecology
(SHTP-IC, AHBI, FIIS, IEC, ITP,...)

20+

years of
global supply chain
management experience.

25+

years of corporate
strategic management and
operation experience.

INVESTMENT STRATEGY

ITI FUND

Vietnam, beyond being a Southeast Asian nation rich in a uniquely profound cultural heritage, currently finds itself in the advantageous position of a golden demographic period. This is characterized by an augmented quality in its workforce and an open economy, poised to embrace emerging trends. Leveraging these competitive advantages, we aspire to collaborate with enterprises and startups in their early stages (Seeding, Pre-series A, Series A), offering investments ranging from $100,000 to $1.5 million USD. Our criteria for potential partnerships are straightforward and encompass the following:

Local specialties

Emphasizing the comprehensive incorporation of local specialties' value is imperative in the startup production and development process. This encompasses sustainable material sourcing practices and the application of traditional, regionally distinctive techniques.

Break-through technology foundation

The foundational business model should hinge on groundbreaking technologies, addressing pressing societal issues, staying abreast of current trends, and featuring future expansion strategies into the international market.

INVESTMENT THESIS

ITI FUND

Based on the above investment strategy, we evaluate the suitability of our partnered enterprise or startup via the following investment thesis:

Sustainable development (ESG)

Foremost and integral to our assessment procedure at ITI is the consideration of Environmental Friendliness, Social Development Capability within the community, and the implementation of an optimal business management model (Governance). These key elements constitute the cornerstone of our evaluation process, underscoring our commitment to sustainable and socially responsible investment practices.

Business model serving large domestic and foreign markets

Vietnam emerges as a prospective market, boasting a nearly 100 million-strong population and a continually improving average GDP per capita, reaching approximately 3,694 USD per person in 2021. Notably, the country's middle class exhibits the fastest growth rate in Southeast Asia as of 2020. Furthermore, Vietnam's total export performance ranks 16th globally in 2020, marked by a commendable 16% growth in value in 2021. These pivotal indicators underscore the compelling appeal of both the domestic market and the nation's export potential. In alignment with our early-stage investment strategy, particularly in Seeding and Pre-seeding stages, ITI Fund transcends conventional considerations limited to innovative products, services, or business models. Our emphasis extends to prioritizing startups and projects capable of meeting the demands of both the domestic and international markets, reflecting our nuanced approach to investment discernment.

Human factor

Human expertise is pivotal for innovation in businesses, shaping their very existence. ITI exclusively collaborates and invests in projects led by co-founders with deep knowledge and hands-on experience in their field. These leaders must also be adaptable to market changes, adept at connecting with teams, and committed to an entrepreneurial spirit. This stringent criterion reflects ITI's commitment to partnering with ventures led by capable and visionary individuals.

ADVISORY BOARD

ITI FUND

The investment advisory board at ITI consists of highly capable experts with at least 20 years of practical experience in the industry, diverse knowledge backgrounds and good understanding in various fields (strategy, communication, finance, legal, technology, etc.).

Nguyen Huu Thanh

Financial Advisor

Nguyen Thi Tinh Tam

Legal Advisor

Mic Nguyen

AI Advisor

Duong Ngoc Hieu

Technology Advisor

Nguyen Huu Thanh

Financial Advisor

With over 25 years of experience in corporate finance management and over 10 years as the chief accountant, head of finance – accounting department, and chief financial officer of foreign direct investment (FDI) companies in Vietnam, Mr. Thanh is concurrently the General Director of CFO Resource Company; Managing Director of Asia Invest Group, Investment Director of Syngience Investment and a member of the Central Executive Committee of the Vietnam Association of Business Administrators (VACD).

He also directly consults a professional accounting and financial management system development project for a leading Vietnam enterprise, and lectures in one of CFO Vietnam’s practical corporate budget planning, finance and accounting for leaders… training program.

With the accumulated experience, startups can expect valuable advices from Mr. Thanh with regards to business analysis, financial and budget planning, etc.

Nguyen Thi Tinh Tam

Legal Advisor

Over 22 years of experience in legal advice for multinational corporations have seen Ms. Nguyen Thi Tinh Tam primarily responsible for legal and compliance issues across the group’s various operational activities.

Before joining ITI Fund as a Legal Advisor, she was a lawyer for the Ho Chi Minh City Bar Association with over 11 years of experience working at a leading law firm in Vietnam, providing legal advice to large corporations. Startups can seek her support in perfecting the legal risk management system, ensuring legitimate rights and interests are best protected.

Mic Nguyen

AI Advisor

Mic Nguyen is a seasoned technology executive and AI strategist with a strong foundation in business and technology from Johns Hopkins University. With a track record of building and scaling AI-driven companies, he has been at the forefront of innovation in travel technology, AI-powered customer engagement, and digital transformation.

As the CEO of Huuk Inc., Mic has led the development of cutting-edge AI solutions, expanding product lines and driving rapid growth. His leadership has contributed to high-impact projects in collaboration with NASA, the International Monetary Fund (IMF), and the U.S. Department of Defense. His AI-driven initiatives have also been recognized by Harvard, Stanford, and the National University of Singapore (NUS) for their transformative applications in research and industry.

With deep expertise in AI, machine learning, and strategic business development, Mic joins ITI Fund as an AI Advisor, bringing invaluable insights to guide investment strategies and accelerate innovation across the fund’s portfolio.

Duong Ngoc Hieu

Technology Advisor

A Ph.D. in computer science and over 20 years of experience have granted Mr. Duong Ngoc Hieu an in-depth understanding and expertise in startup evaluation, and research works in the field of computer science from an innovative perspective with deep expertise.

During his tenure at the University of Science and Technology – Ho Chi Minh City National University, he has been the chief architect and led several applied artificial intelligence and advanced technology application projects in several fields comprising security, health, Internet things (IoT), artificial intelligence (AI), big data (Big Data), Blockchain in many sectors (education, environment, transportation, industrial production…)

Mr. Hieu is currently the Deputy Director of the Center for Computing Engineering at the University of Science and Technology – Ho Chi Minh City National University and is the CEO of Computing Group after moving from his previous position as Product Head of Vexere – a bus ticket searching and booking platform with 5000+ agents across the country.

Accompanying ITI Fund as a Technology Advisor, Mr. Hieu will provide expert comments on optimizing the digital transformation process and trend adaptation

OPERATION TEAM

ITI FUND

In addition to the professional advisory board, ITI Fund's excellent operation team also significantly contributes to the Fund's value positioning in the Vietnamese startup ecosystem, sharing the mutual goal of accompanying potential projects on spreading good values to the community and society.

Le Thuc Hoai

Managing Partner

Leads the fund’s strategic direction and provides investment advisory.

Ngo Dinh Dat

Managing Director

A key driver in shaping and accelerating the fund’s development.

Huynh Thanh Tung

Fund Manager

Plays a key role in fund operations and portfolio oversight.

Nguyen Luong Quang

Investment Principal

Giang Vu Hoang Son

Senior Investment

Vo Thi Mai Huynh

Investment Associate

Ho Gia Kiet

Investment Associate

Le Thuc Hoai

Managing Partner

With more 30 years of experience in business operations and development, Mr. Le Thuc Hoai is the founder of ITI Fund and plays a key role in shaping the fund’s strategic direction and investment advisory. His practical mindset and long-term vision have laid a solid foundation for ITI Fund’s journey in supporting Vietnamese startups.

A graduate of Ho Chi Minh City University of Technology, Mr. Hoai began his career as Technical Director at Thai Tuan, a leading textile and fashion enterprise in Vietnam. Over 25 years with the company, he made significant contributions and served as Deputy CEO of Strategy & Operations, where he played a critical role in building operational systems and defining sustainable growth strategies.

Since 2019, he has also served as CEO of 4M Group, a diversified business operating in renewable energy, green real estate, F&B, finance, and investment.

At ITI Fund, Mr. Hoai prioritizes projects that leverage Vietnam’s unique strengths and cultural identity with the potential to scale globally. He is especially committed to initiatives that generate sustainable value for communities and the environment, contributing to a responsible and holistic startup ecosystem.

Ngo Dinh Dat

Managing Director

With a strong management background across multinational corporations and deep expertise in global supply chain management and strategic planning, Mr. Ngo Dinh Dat (Muller) currently serves as the Managing Director of ITI Fund. He is a key driving force behind the fund’s development and long-term growth.

Prior to co-establish ITI Fund, Mr. Dat was Managing Director in charge of Business Strategic & Ventures at Motives International—a diversified group headquartered in New York with over ten representative offices worldwide (UK, France, Germany, Japan…) and manufacturing bases across Asia and Africa (Vietnam, Cambodia, Myanmar, China, Bangladesh, Ethiopia). In this role, he was instrumental in designing and executing innovative growth strategies across short-, mid-, and long-term phases.

Beyond his leadership roles in major corporations, Mr. Dat actively engages with the innovation ecosystem as a judge, advisor, and investor in various prestigious startup programs, including TechFest Vietnam 2023, IR Pitching – Lab to Global Market 2023, JB Global Stylish Investment, and the Ivey Canada Entrepreneurship Bootcamp.

He previously served as Chief Human Resources Officer at Vast Apparel Vietnam, where he led human capital development strategies for over 3,000 employees across three factories in Southeast Asia. Prior to that, he was Supply Chain Manager at Mowi ASA—one of the world’s leading seafood corporations with more than 11,500 employees.

As Managing Director of ITI Fund, Mr. Dat is committed to a partnership-driven investment philosophy—providing not only capital but also strategic support to help Vietnamese startups enhance their competitiveness and strengthen their position within the innovation ecosystem.

Huynh Thanh Tung

Fund Manager

With a strong professional background in auditing and corporate finance, Mr. Huynh Thanh Tung (Pine) currently serves as Fund Manager at ITI Fund. He plays a key role in investment due diligence, risk analysis, and portfolio monitoring, supporting the fund’s strategic investment decisions.

Before joining ITI Fund, Mr. Tung held the position of Audit Assistant Manager at KPMG during two tenures (2013–2017 and 2021–2023), where he managed audit and assurance projects, focusing on risk assessment and internal controls for major clients such as Samsung Electronics, Zuellig Pharma, and Trung Nguyên Group.

From 2017 to 2021, he operated his own business, gaining hands-on experience in strategic planning and business operations. He later served as Deputy Head of Accounting at the real estate management unit of SonKim Land, one of Vietnam’s leading premium real estate brands.

Mr. Tung holds a Bachelor’s degree in Finance and Banking from the University of Economics Ho Chi Minh City (UEH). Combining in-depth financial expertise with practical experience across diverse business environments, he plays a vital role in strengthening investment processes and optimizing portfolio performance at ITI Fund.

Nguyen Luong Quang

Investment Principal

As one of core members since the establishment of ITI Fund, Mr. Nguyen Luong Quang currently serves as the head of the investment department. Beyond overseeing and executing due diligence activities, he deeply engages with startups in the post-investment stage to support business development.

Mr Quang has more than 10 years of experience in strategic planning, operations, and corporate structure at Motives International—a diversified corporation headquartered in New York. He is also known as a pioneer in innovative and creative projects here.

His visionary leadership and profound understanding extend to areas such as manufacturing and logistics. He previously held the position of Partnership Manager, directly collaborating with clients across more than 20 manufacturing plants and 100 suppliers nationwide.

Representing ITI Fund, Mr. Quang has actively collaborated with relevant organizations involved in the development of the domestic startup ecosystem. He has served as an advisor, judge, and investor in programs organized by TechFest Vietnam, UEH Innovation Institute (UII), FTU Innovation & Incubation Space (FIIS), International University – HCMC National University, Nong Lam University, Innovative Entrepreneurship Centre (IEC), etc.

Giang Vu Hoang Son

Senior Investment

With a diverse background in auditing, corporate finance, and investment banking, Mr. Sơn serves as a Senior Investment Associate at ITI Fund, specializing in due diligence and investment decision-making processes.

Prior to his current role, Mr. Sơn worked as a Senior Auditor at KPMG Vietnam, where he conducted statutory audits and evaluations for major manufacturing corporations, including Vinamilk, Masan, and CP. He also served as an Investment Specialist at both a publicly listed renewable energy company in Vietnam and an FDI firm, gaining solid experience in investment, M&A advisory for both buy-side and sell-side, as well as project management for cross-border transactions.

Mr. Sơn holds a Bachelor’s degree in Accounting from Macquarie University (Sydney) and is a Certified Practising Accountant (CPA Australia). His combined expertise in accounting, auditing, and finance is instrumental in supporting ITI Fund’s success.

Vo Thi Mai Huynh

Investment Associate

Ms. Vo Thi Mai Huynh, as a Investment Associate, plays an important role in crafting ITI Fund’s brand image. With a comprehensive five-year background, she actively nurtures business prospects for startups in the investment portfolio. Ms. Huynh is also dedicated to establishing connections between ITI Fund and strategic partners, as well as prominant programs in Vietnam’s dynamic startup ecosystem.

Her career spans prestigious communication entities like Golden Communication Group and GAPIT Communication JSC, where she curates content for diverse sectors, from technology ventures like Trip On Me to traditional domains like Khong Tuoc Nguyen.

Beyond her professional prowess, Ms. Huynh passionately supports sustainable development through non-profit involvement with AICOVID, VietSeeds, VOIS, and Books and Action Organization. Her association with ITI Fund reflects her aspiration to leverage her expertise to amplify startups’ impact on the community.

Ho Gia Kiet

Investment Associate

Bringing hands-on experience in venture capital and private equity research, Gia Kiệt joined ITI Fund as an Investment Analyst. He focuses on sourcing investment opportunities, conducting due diligence, and monitoring portfolio performance.

Previously, Kiệt interned at a Vietnam-based family office specializing in PE/VC investments, where he contributed to fund research across Southeast Asia and the U.S., supported financial modeling, and identified M&A opportunities in the consumer and fintech sectors. He was also an active member of the Student Finance Research (SFR) group—one of the most respected academic clubs at the University of Economics Ho Chi Minh City.

Kiệt holds a Bachelor’s degree in Finance with a GPA of 3.99/4.0 and has passed the CFA Level I exam. His strong financial foundation supports his contribution to ITI Fund’s mission of long-term value creation.

PORTFOLIO

ITI FUND

ITI Fund pays the most attention to and prioritizes projects that can take advantage of local strengths to create products that are not only breakthroughs but also contribute to a more sustainable startup ecosystem, leveraging the image of Vietnamese specialty to the world.

All
Manufacturing & Retail
Technology Solutions
Services
Other

RESKI HOTPOT

BENKON

M-BUILDING

PVA PRO

VIETNIPA

RESKI HOTPOT

Industry: F&B

Description:

Vietnam is known as a highly potential consumer and shopping market in the Asian region. The estimated scale of the food service market is projected to reach $33.87 billion USD in 2023 and is expected to reach $86.52 billion USD by 2029, with a CAGR of 12.29% in the forecast period (2023-2029). The F&B sector has undergone significant changes in the past 5 years, allowing consumers to experience a variety of high-quality dining service models developed by many domestic and international businesses.

Reski has been developed as a chain of local self-selection hotpot restaurants. In the initial stage of success, Reski is currently testing its open-service model and plans to expand this to suburban districts in Ho Chi Minh City to serve the mass market segment.

Recognizing the market potential and the practical core business model that Reski offers, in December 2023, ITI Fund invested in the company, playing a role as a partner in strategic cooperation. Leveraging new capital and indirect support from the ITI Fund, Reski aims to enhance service quality and expand its business operations to achieve 10 stores within the next 18 months.

Investment Stage: Pre-series A

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BENKON

Founder: Truong Minh Dat & Bui Tien Dung

Field:

Technology

Brief Information:

Benkon is a pioneer in providing “smart” air-conditioning solutions to optimize usage and equipment operation costs.

Built based on the IoTs, with the ability to gather and analyze user behavior data, Benkon’s solution is able to develop customized interventions for both business or household’s energy saving demand.

This Vietnam-made solution is compatible with the vast majority of air-conditioner models available on the global market, manageable via a mobile device’s application.

Since 2022, ITI Fund has been working with the start-up as a lead investor in business development and market-exploring activities.

Investment stage:

Pre-series A

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M-BUILDING

Founder: 4M Joint Stock Company

Field:

Real-estate

Brief Information:

ITI Fund invested in the project with the desire to initiate the EDGE-compliant (Excellence in Design for Greater Efficiencies) office building construction trend, a certification system issued by IFC (a member of the World Bank) to certify Green Buildings meeting the following standards: reducing energy consumption, contained water and energy level in buildings’ and trade centers’ construction materials, in over 140 countries around the world including Vietnam.

M Building is honored to be one of the first office buildings in Vietnam to achieve the EDGE Offices Green Building certificate in April 2019.

Investment stage:

Pre-series A

PVA PRO

Founder: Raphael Cazalbou, Thai Nhu Hang,...

Field:

Manufacturing

General information:

Established in 2021, PVA PRO pioneers advanced polymer transparent packaging solutions, notably characterized by rapid dissolution in 70°C warm water, achieving full decomposition within an impressive 30 to 60-minute timeframe through microorganism-driven processes akin to those found in organic compounds within water.

These offerings surpass the flexibility of conventional plastics, ensuring useful versatility and unwavering environmental commitment. Their mission centers on addressing the critical challenge of plastic waste. In Vietnam, the issue amounts to approximately 1.8 million tons of waste (as per the Ministry of Natural Resources and Environment), while globally, the scale is staggering, reaching 300 million tons (according to the United Nations).

Although traditionally applied in water-soluble laundry and medicinal capsules on a global scale, their relentless pursuit of innovation has led us to conduct extensive research and development efforts, culminating in eco-conscious packaging solutions tailored to diverse industries, including textiles, packaging, retail, and fast-moving consumer goods (FMCG)… with transparent characteristic.

In August 2023, ITI Fund recognized the potential value and invested nearly 1 million USD in PVA PRO. This strategic alliance, further bolstered by ITI Fund’s strategic and operational advisory support, sets the stage for accelerated growth and impact. Together, we aim to fortify PVA PRO’s production capabilities, introduce groundbreaking products, and expand market presence to drive lasting value for our stakeholders and the community at large.

Investment Stage:

Pre-series A

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VIETNIPA

Founder: Phan Minh Tien

Field:

Agriculture

Brief Information:

If the nipa palm, a tree signature to Southern Vietnam, has only been known previously for its leaves and fruits, Vietnipa has pioneered and has now managed to find a solution for harvesting and commercializing natural nectar successfully; a method referred to as “craft stalk massage”

Nectar as it is, this gracious gift from mother nature has relatively low sugar content (GI = 16.69, suitable for type 2 diabetes patients), is mineral-rich and is a good source of critical amino acids and vitamins, making it a perfect companion in helping the body detox and preventing dangerous diseases.

Furthermore, this solution multiplies the economic value of this signature tree several times compared to traditions of mere leave and fruit harvest, which is limited to only once or twice a year. A hectare of nipa palm trees provides up to 15-20 tons of nectar with very little need for cultivation.

With the passion for efficiently developing native nipa palm resources, simultaneously protecting Can Gio ecology – the world’s Biosphere Reserves (according to UNESCO) and sustainably enhancing Viet Nam’s local delicacies value, ITI Fund has, in September 2022, invested in Vietnipa as a companion and a strategic partner.

Investment stage:

Pre-series A

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ITI FUND