Earlier, Southeast Asia’s most active early-stage tech investment firm East Ventures announced that it has reached the first close on a new venture fund for innovative startups in the region. The new seed fund is designed for digital companies emerging in the post-lockdown aftermath of the COVID-19 pandemic.
The fund is East Ventures’ eighth investment vehicle to date, and the firm aims to raise no more than US$88 million from limited partners.
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As the world has slowed down in the time of COVID-19, businesses in the region continue to struggle and lives have been changed forever. Local entrepreneurs are forced to rethink how they operate, understand what is truly essential, and learn how to live with less physical contact. As a result, many are now accelerating to the point where they’re leap-frogging into digital transformation and bypassing years of the usual adoption process.
East Ventures’ latest fund is attracting global and regional institutional investors.
“We are excited to continue our partnership with East Ventures. The firm is well-positioned in Southeast Asia to guide entrepreneurs to achieve their full potential,” said Tow Heng Tan, CEO of Pavilion Capital.
Sunil Mishra, Partner of Adams Street Partners added, “Adams Street is pleased to be committing to the new East Ventures fund. We are impressed with the track record of the team, their local market reputation, ability to work with young founders to guide them and hope that they will continue to generate strong returns.”
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