For startups
The City's capital accompanies technology startups
HCM VIF is the City's venture capital fund, operating under the public-private partnership model. This page helps your business determine a roadmap for working with the Fund that suits your current needs.
Prepare before submitting documents
Four questions need to be answered first
Compare with the Fund's investment criteria- 01
What market problem are you solving?
State in one sentence: what market problem does your technology or approach solve that existing solutions do not yet solve, and what makes that advantage difficult to copy.
- 02
Why this team?
What do you have to believe that you can go a long way with this problem: expertise, time, or learned failures?
- 03
Who will pay for this solution?
Point out specific customers first, then explain the path from there to the big market.
- 04
How transparent are you willing to be?
From the appraisal round onwards, finances and ownership structure will be carefully reviewed. Businesses should prepare for this early.
Required set of documents
09 documents and when the Fund needs them
Pitch deck
Submit right from the start. Ten to fifteen slides are sufficient for the screening round.
One sentence summary
Submit with pitch deck. One sentence clearly states what problem you solve and for whom.
Legal entity profile
It is necessary from the legal appraisal step: registration certificate, charter, industry.
Technology proof
Needed at the technology appraisal step: prototype, MVP or patent.
Traction data
Prepare for the first exchange: users, revenue, pilot, contract.
Profile of the founding team
Bring to the table: expertise, role and full-time level.
Financial model
Needed at the financial appraisal step, not needed when submitting the application.
Cap table
Needed in the financial appraisal step and when negotiating terms.
Capital use plan
Necessary when negotiating: each capital portion is tied to each milestone and for how long.
Only the first two documents are required when submitting the application. The remaining amount is paid gradually when required by the Fund.
Investment review process
Once submitted, the application goes through eight steps
- 01
Receiving documents
AutomaticallyDiễn ra điều gì
The system records records and provides you with a tracking code.
Kết quả bước này
You have a profile code to look up and add later.
Thời gian dự kiến
Immediately upon sending
- 02
Initial screening
HCM VIFDiễn ra điều gì
The investment team compares documents with the Fund's priority areas and investment stages.
Kết quả bước này
Records are classified into the continue or stop group.
Thời gian dự kiến
The first few weeks
- 03
First exchange
Both sidesDiễn ra điều gì
A meeting or call for the Foundation to gain a deeper understanding of the problem, solution and team.
Kết quả bước này
Preliminary assessment of file priority.
Thời gian dự kiến
After screening
- 04
Technology appraisal
HCM VIFDiễn ra điều gì
The Fund verifies the technological depth and commercialisation of the solution.
Kết quả bước này
Conclusion on technological capacity and market opportunities.
Thời gian dự kiến
Appraisal phase
- 05
Financial & legal appraisal
HCM VIFDiễn ra điều gì
Review the legal entity, financial model, ownership structure and level of governance transparency.
Kết quả bước này
Risk picture and preliminary valuation.
Thời gian dự kiến
Parallel to step 04
- 06
Negotiate terms
Both sidesDiễn ra điều gì
The two parties agree on the investment form, valuation, rate, rights and obligations.
Kết quả bước này
Term sheet is agreed upon by both parties.
Thời gian dự kiến
After appraisal
- 07
Investment approval
HCM VIFDiễn ra điều gì
The Fund's competent authority makes the official investment decision.
Kết quả bước này
Investment decisions with pre-conditions.
Thời gian dự kiến
According to approved schedule
- 08
Signing & disbursement
Both sidesDiễn ra điều gì
Complete legal procedures and disburse capital according to the agreed plan.
Kết quả bước này
Capital is disbursed, starting to accompany after investment.
Thời gian dự kiến
When eligible
The fund is not yet operational, so the time commitment for each step has not been announced. The above milestone is the expected sequence.
After entering the directory
The Fund's support does not stop at capital
Access to research infrastructure
The City's laboratories, testing facilities and experts — resources that early-stage startups find difficult to equip on their own.
Long-term companion advisor
Technology, business and management consultants accompany you on decisions your business has never had to make.
More favourable policies
Support access to the City's preferential policies on taxes, high-tech premises and human resources.
Connecting investors to the next round
The fund opens a network of domestic and international investors so that businesses do not have to start from scratch in the next funding round.
Check yourself before sending
Tools you should use before submitting your application
Send capital call documents to HCM VIF
Please prepare your pitch deck and project summary to get started. Sending the dossier is the opening step in the review process according to announced criteria, not binding on the investment commitment of both parties.