HCM City (VNA) – The fund IDG Ventures Viet Nam has invested in the local company CyVee, the first social network for professionals in the country, the fund’s manager said.

The invested capital volume was not disclosed.

CyVee began operation in March, launching its beta version named vnSpoke.com, which has attracted more than 10,000 active members, most of them professionals in various industries.

“Social networks have been experiencing very rapid growth in the world and have great potential. As one of the pioneering websites in this field in Viet Nam , we will use the capital to improve our website’s feature, our infrastructure and staff as well,” said Khanh.

Rachan Reddy, the fund’s deputy general director, said this was the 15 th company in Viet Nam receiving investments from the fund.

He expects before the year-end another 10 investments would be announced, and around the same figure was hoped for in 2008.

The fund began operation in Viet Nam in 2004 and has disbursed around 30 million USD out of its 100 million USD.-Enditem