Withers KhattarWong (WKW), the Singapore office of international law firm Withers, has advised multinational Grab with its launch of Grab Ventures Ignite (GVI), an accelerator programme for early-stage tech start-ups.
To support Vietnam’s goal to create 10 tech unicorns by 2030, Grab chose Vietnam to launch GVI, an early-stage 14-week start-up support programme that aims to encourage technology entrepreneurship and grow Vietnam’s start-up ecosystem.
The WKW team, led by Singapore-based corporate partner Leong Chuo Ming, and supported by associate Chow Su Rin, assisted Grab in drafting the strategic collaboration agreement with a leading venture capital firm. “This collaboration will undoubtedly benefit Vietnam’s start-up ecosystem, propelling the growth of many promising tech ventures,” said Leong.
Vietnam is the first country where Grab has introduced GVI. The pilot has focused on Singapore-based start-ups interested in expanding into Vietnam. Selected start-ups benefited from a host of capability development programmes, with professional training and 1:1 mentorship, exposure opportunities including fundraising, Grab-led immersion trips to Vietnam and Indonesia, and other in-kind benefits like Cloud credits of up to US$100,000.
Grab is a multinational ride-hailing company based in Singapore. The company also offers food delivery and digital payments services via a mobile app. It now operates in Singapore, Japan, Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Thailand and Vietnam. It is the region’s first “decacorn” (a start-up with a valuation of more than US$10 billion). WKW also advised Grab on its pilot venture, GrabCycle.