FAQ

What is FEBE Ventures?
What is FEBE Ventures?

FEBE Ventures is an early stage venture capital fund founded and managed by entrepreneurs. We’re looking to support and invest in outstanding founders in Vietnam and Southeast Asia at the beginning of their startup journey.

What is Olivier Raussin's background?
What is Olivier Raussin's background?

Olivier Raussin is FEBE's co-founder and Managing Partner.

Most recently, Olivier was General Partner at the Project A Ventures, an operational VC in Europe and Latin America with $500M+ in AUM.

Between his entrepreneurial background and his tenure at the Project A, Olivier has shaped 13 startups from scratch alongside outstanding co-founders. He has supported portfolio founders in many areas, from strategy, building MVP, refining business model, to organization management, culture, growth, and fundraising.

Previously, Olivier held executive roles at Google, YouTube, Microsoft and Yahoo!.

What is FEBE's mission?
What is FEBE's mission?

We take a founder-centric approach to early-stage investing and provide portfolio companies with experience-based advice, entrepreneurial know-how and local resources in:
- Fundraising
- Regulations
- Recruitment
- M&A
- Business Development

What is AppleTree Group?
What is AppleTree Group?

Started in Vietnam in 1993 with a three-person travel agency, AppleTree Group is now a conglomerate composed of more than 21 companies (Annam Gourmet, EXO Travel, Archetype, The Warehouse, etc.), all built from scratch & grown organically. The Group now employs 4000 staff, including 350 expatriates in over 21 countries. More information can be found on the Group's website.

AppleTree has expanded by applying a simple and focused entrepreneurial philosophy:
- In a developing economy most ideas are good; execution is key.
- Focus on business models that have already proven to be successful in developed economies.
- Concentrate on businesses in which the Group’s added value can be priced-in.
- Only pursue opportunities in which the Group can obtain either long-term exclusivity or at least enough time in market to establish a lead and/or barriers to entry.
- Prioritize Joint-Ventures and build long-term relationships with local partners. Eric & Jean-Marc Merlin are co-founders and operators of the AppleTree Group. The Merlin brothers are also co-founders and strategic advisors at FEBE Ventures. They are members of FEBE Ventures' Investment Committee and also contribute actively to due diligence, portfolio management, legal and finance.

It’s important to note that FEBE Ventures is not a Corporate VC, but a truly independent VC fund with its own investment thesis and approach.

What does the name FEBE mean?
What does the name FEBE mean?

FEBE is an acronym that stands for "For Entrepreneurs, By Entrepreneurs". FEBE Ventures was founded by four entrepreneurs who have created 33 companies and want to leverage their entrepreneurial experiences to better serve entrepreneurs.

What is your vision?
What is your vision?

At FEBE Ventures, we are on a journey to help entrepreneurs build impactful companies of tomorrow.

We invest in mission-driven founders using technology to solve important problems in Vietnam and the Southeast Asia region.

Who are FEBE Ventures’s limited partners/investors?
Who are FEBE Ventures’s limited partners/investors?

FEBE's Limited Partners are successful founders & entrepreneurs, senior executives at LinkedIn, Google, Facebook, Netflix, Goldman Sachs, McKinsey; as well as family offices from Vietnam, Indonesia, Singapore, HK, Philippines, the US, and Europe.

What is FEBE in a nutshell?
What is FEBE in a nutshell?

FEBE in a nutshell:

- Four General Partners, who have backed up 70+ startups, created 30+ companies and directly managed 4,000 employees in Vietnam and Southeast Asia in the last 30 years.

- 58+ reputable and value added tech Entrepreneurs and family offices are backing us.

- A uniquely founder-centric approach.

- Tier-1 co-investors such Sequoia, Temasek, Softbank, Y Combinator, FJ Labs, GGV Capital.

- 16 high-performing portfolio companies across fintech, logistics, healthtech, edtech, etc.

What are FEBE's values?
What are FEBE's values?

We truly believe in:

- The value of a founder-centric and people-first approach;

- Dreaming big and having a passion for building regional and global businesses;

- Executional excellence via process and data-driven approach;

- Ethics, fairness, and transparency.

What is FEBE's NPS? (Net Promoter Score)
What is FEBE's NPS? (Net Promoter Score)

As a founder centric VC, our portfolio companies' satisfaction matters a lot to us.

- How likely are you to recommend us to entrepreneurs, VCs, and LPs? 86%

- How much do you value FEBE's open business conversation through WhatsApp, calls, etc..?  94%

- How helpful was FEBE with recruitment? 71%

- How helpful was FEBE in business development? 82%

- How helpful was FEBE with fundraising? 86%

*Net Promoter Score®, or NPS®, measures customer experience and predicts business growth.

What is the best way to contact FEBE?
What is the best way to contact FEBE?

Our preferred way to meet startups is through a warm referral. But if you cannot find a mutual contact, no problem!

We reply to every email we receive at hello@febe.vc

What countries does FEBE invest in?
What countries does FEBE invest in?

We invest in entrepreneurs who want to become regional leaders. We are focused on two main corridors:

  • Outbound: Vietnamese startups that want to expand regionally.
  • Inbound: Southeast Asian startups that want to enter Vietnam.


Our main geographic focuses are Vietnam, Singapore and Indonesia, where we have the experience and infrastructure/platform to support you best.

But we can also be flexible! If you’re building an exciting startup in another Southeast Asian country, please get in touch!

When is the right time to approach FEBE?
When is the right time to approach FEBE?

It’s never too early to reach out, but it can be too late. We don’t see a clear distinction between “angel”, “pre-seed” and “seed” rounds. To us, they all fit our early stage investment thesis.

In fact, many of our founders only had an idea and no capital at all when they found us.

So feel free to reach out even if you “only” have a pitch deck. We have already invested in quite a few PowerPoint-stage businesses and we are happy to support you at the MVP phase. In addition, despite our early stage focus, we can also be flexible and open to invest in pre-series A rounds.

Does FEBE only invest in Tech companies?
Does FEBE only invest in Tech companies?

Yes! Within Technology, we are sector- and business model-agnostic (B2B, B2C, Education, Healthcare, Logistic, Fintech, O2O, Mobility…).

We aim to invest in companies that can scale exponentially and quickly gain the market.

We don’t think VCs predict the future, founders do! We’re counting on founders to show us the next big thing.

What does FEBE look for in a potential investment?
What does FEBE look for in a potential investment?

1. Great founding team: Startups are all about founders and people, and we want to partner with the best founders out there.

2. Big markets: we invest in companies that go after large addressable markets. If your plan is to disrupt or create a big market in the next 8-10 years, you’re exactly what we’re looking for.

Building a company is extremely difficult. It takes time, hard work, and patience. You can’t wait for someone to hand you a roadmap. You have to be able to strategize and execute at the same time. That’s why the most important asset for us is always the founding team.

What type of founder profiles does FEBE love?
What type of founder profiles does FEBE love?

Here are the top five qualities we look for in a founder:

1. Ethics & integrity: Venture capital investing is all about building and maintaining trust. To do that successfully, founders & investors must build a long term business relationship based on ethic, honesty, trustworthy, and transparency together.

2. Passion for your industry: We like founders who are passionate about their market. An entrepreneur who loves her/his market will be better equipped to handle the ups and downs of the entrepreneurial life. They will be less affected by short-term struggles because they are focused on potential long-term wins.

3.Execution skill: Effective founders execute with a structured and data-driven approach. Building a startup is about getting the hard things done. We need to see hustle, strong execution, and founders moving very fast.

4. A long-term vision and an ability to sell the dream: On top of having a crystal clear vision, great founders like you have to be inspiring and be able to effectively share their dreams and stories on many occasions. Whether you’re recruiting, fundraising, negotiating with customers/suppliers, talking to the media, introducing your product to users, or leading your team, you need to be able to inspire, convince, and sell your vision.

5. Self-awareness & a desire for continuous improvement: Let’s admit the unknowns and be aware of our own limits. We’re not looking for perfection because perfection does not exist. Instead, we like founders who know their shortcomings and quickly address them, either by learning new skills on their own, or hiring talents with complementary profiles to fill in the gap.

What's FEBE's typical check size?
What's FEBE's typical check size?

We’re flexible! Our investments typically range from $500k to $1.5 million but we’ll try to cater to each startup’s needs on a case-by-case basis.

Does FEBE have a strict equity ownership requirement?
Does FEBE have a strict equity ownership requirement?

Unlike some traditional venture funds who need 25%+ ownership, we don’t have such requirements.

In order to align interests between founders & investors, we need to have enough “skin in the game” to dedicate meaningful time and resources to help your company grow faster.

Will FEBE lead the Seed round?
Will FEBE lead the Seed round?

Yes, we often lead the Seed round and partner up with great angels and VC investors. What’s more important to us is that we’re fully aligned with founders to help their startups win.

Will FEBE do follow-on investments?
Will FEBE do follow-on investments?

Definitely! Our term sheets always require the right to maintain our stake in follow-on rounds (pro-rata rights).

In later investment rounds led by the top-tier funds, we expect to exercise that right and may even try to increase our stake.

What is your approach to ESG investing?
What is your approach to ESG investing?

We create better long-term values for investors through ESG.

At FEBE, we want to build an innovative & sustainable world alongside our founders. To that end, we're committed to achieving the following goals:

- Reducing carbon footprint.

- Increasing accessibility in finance, education and healthcare.

- Empowering diversity in our founders: female and local.

- Increasing partnership and connectivity in the Southeast Asia region.

What is your investment process like and how long does it take?
What is your investment process like and how long does it take?

There is no set timeline, and we move at whatever pace you are comfortable with. Entrepreneurs should focus on their businesses rather than on fundraising. To that end, we aim to run our full investment process in just 1-2 weeks.

In most cases, here’s the process we go through:

1. Analyze your pitch deck: To save time on both sides, we first like to take a look at your pitch deck. If we see a fit with our investment thesis, we will schedule an introductory call or meeting.

2. First meeting or call: We’ll try to learn about your startup and the founding team for 30 minutes. We will also introduce ourselves and discuss how FEBE Ventures may bring value to you.

3. Second meeting: With the participation of a FEBE Partner, this is a good opportunity for both sides to ask detailed questions to get to know each other more thoroughly.

4. Third meeting: As our Partners make all decisions as a team, we’ll introduce you to another FEBE Partner.

5. Final decision: After the 3rd meeting, we’ll always aim to give you our decision within two days.

How does FEBE help founders?
How does FEBE help founders?

FEBE Ventures was founded by four entrepreneurs, so we know how investors can complicate things and make life even more stressful. Startup founders should focus on their company, not their investors. After all, founders know best what their companies need. We’re not here to get in your way. Do your thing your way, and feel free to reach out when you need help. We trust you to get the job done and our doors are always open.

FEBE Ventures has a “more-than-money” approach, and our support can come from the following sources and network:

- Our partners & investment team.

- Apple Tree Group’s +30 C-level executives (CFO, CMO, Head of Logistics, Chief People Officer, etc.) who can share their knowledge and skills, or beta-test your product.

- Our 50+ Limited Partners who are business owners & C-level executives from Linkedin, Goldman Sachs, Jardine Matheson, etc.

- Our global network of experts in CRM, UX, Growth Hacking, Analytics, Product, IT, Analytics, etc.

- Our community of portfolio companies and founders: our portfolio is much more than a simple collection of companies. Our entrepreneurs are here to share, inspire, and help you grow.

We aim to support you in four key areas:

1. Making connections: We can provide actionable expertise from domain experts and industry veterans. In addition, we’ll connect you to our founder community and give you access to a global network of problem solvers. This is way more than just advice—we can connect you to your potential customers, investors, employees, suppliers, advisors, etc. Our network is also yours.

2. Fundraising: We can help you plan and manage future funding rounds. We’ll also share insights on how other VCs operate and what they look for. We’ll connect you with the most reputable and value-added investors.

3. Recruiting talents: We’ve teamed up with elite universities to help new companies find the top talent they need to grow their businesses. And it doesn’t stop at graduates—experienced business professionals are always searching for the next big thing. We have the local and international contacts you need to accelerate your growth.

4. Sharing expertise: Join our private “best practices sharing” events for founders and their teams. We’re not here to set up motivational events. Instead, we’ll only share the most useful & actionable insights that will have a real impact on your business.

Before I pitch my idea, will FEBE sign my NDA?
Before I pitch my idea, will FEBE sign my NDA?

No. Entrepreneurs have taught us that execution makes a business successful, not really the idea behind it. An NDA mainly protects an idea. Furthermore, as we meet 30+ startups per month, it will be extremely time-consuming for us to negotiate each NDA clause.

We prefer to invest that time into organizing events for the ecosystem and helping our companies take off.

By the way, if you think you need an NDA before pitching your idea, we encourage you to read this article and think a little more about it. https://www.entrepreneur.com/article/245023

Do FEBE Partners take board seats?
Do FEBE Partners take board seats?

Yes, we do in some cases. Board seat or not, we’ll be available to help your company grow during its early years.

Often, we'll take a board seat initially and give it up to a new investor at a later round. We find that this helps founders manage the size of the board over time.

Furthermore, we like to organize workshops to go deep with a founder into her/his main challenges. We’ve found this type of collaboration to be far more valuable than traditional reporting.

About us
About us

FEBE Ventures (“For Entrepreneurs, By Entrepreneurs”) is an early-stage Venture Capital fund supporting outstanding entrepreneurs in Vietnam & Southeast Asia.

The fund is managed by four entrepreneurs, each with decades of experience in building and scaling companies in Vietnam & Southeast Asia, and investing in Tech startups in Asia, Europe, and South America.

We take a founder-centric approach to early-stage investing and provide portfolio companies with experience-based advices, entrepreneurial know-how, and local resources.

Our founder-centric approach
Our founder-centric approach

Your success is our success. Our mission is to enable startups to reach their full potential by offering our local business experience, digital know-how, and global network.

Our main value proposition for entrepreneurs is that since we are ourselves entrepreneurs at heart, we fully understand founders’ pain points and needs when building startups. We strive to help founders solve problems and scale their businesses quickly by sharing key learnings from our past failures and successes.

FEBE aims to lead each startup's Seed round, then provides follow-on investments as the startup grows. FEBE invests only in startups with “founder-friendly” cap tables & we believe that founders should avoid excessive dilution at the early stage. Furthermore, fundraising should not waste founders' time. Instead, it is always better for founders to dedicate most of their time to their customers, teams, and products. Therefore, our process takes just one to two weeks on average.

We’re here to help you grow and not to get in your way. After the investment Closing, founders should focus on their businesses and not waste time in long investor meetings or redundant reporting.

Finally, we view co-investors as partners, and always aim to team up with the best co-investors who can add values to our portfolio companies.

Our view on the ecosystem & the opportunites
Our view on the ecosystem & the opportunites

All over Southeast Asia, technology is impacting the way people work and live. Every major sector is on the cusp of transformation, and we believe this transformation will be led by the region's best entrepreneurs.

Times are changing. Nowadays, young talents would rather start their own company than begin a corporate career. Vietnam is already home to some of the best young tech founders in Asia. With so many bright minds working in a fast-paced economy, the right time is right now.

This combination of factors leads us to a historic moment: a new generation of great companies is emerging.

We invest in entrepreneurs who want to become regional leaders and we are focused on two main corridors: Southeast Asian startups that want to enter Vietnam and Vietnamese startups that want to expand regionally.

FEBE Ventures is here to make long-term, meaningful relationships with the most exciting startup founders. From the first round of investment, FEBE will be your partner throughout your startup journey.

Our values and beliefs
Our values and beliefs

We truly believe in:

- The value of a founder-centric and people-first approach;

- Dreaming big and having a passion for building regional and global businesses;

- Executional excellence via process and data-driven approach;

- Ethics, fairness, and transparency.

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