Peak XV’s global surge: from SEA cuts to US push

As Southeast Asia’s appeal to tech investors wanes, Peak XV Partners, which was spun off from legendary US-based VC firm Sequoia Capital in June 2023, is increasingly turning its focus outside the region.

While Peak XV still invests in startups there, sources tell Tech in Asia that the firm now prioritizes backing companies that target global markets – particularly the US – from the get-go. This marks a shift from its earlier investments in regionally focused players like Tokopedia, Carousell, Gojek, and Traveloka.

Peak XV’s diversification appears to be speeding up. The VC conducted a US immersion tour just last month, taking founders from Asia to meet with Silicon Valley bigwigs such as OpenAI CEO Sam Altman.

Photo credit: Peak XV Partners

Indeed, AI is a dominant theme across Peak XV’s portfolio in the US. The firm’s notable investments include practice management platform Abita Healthcare, AI software firm RapidCanvas, and no-code AI agents startup Enterpret.

This is the second consecutive year that Peak XV has run this play – another indication that its US push is far from a passing trend.

Peak XV has also ramped up hiring in the US. Some of the senior executives from its US team include Chris Merritt, Jamie Bott, and Dini Mehta. In 2023, the firm was reportedly looking to set up an office in the US.

According to our sources, the VC firm has backed a soon-to-launch US- focused investment firm started by Anandamoy Roychowdhary, a former partner at Surge, Peak XV’s seed funding program.

A shake-up in its ranks

Over the past year, Peak XV has faced a wave of departures among its senior leaders in Southeast Asia. The exits have raised doubts about the firm’s plans in the region.

In February, both of its managing directors – Shailesh Lakhani, a veteran investor of 17 years, and Abheek Anand, who spent nearly 12 years at the VC – announced their departures. Shraeyansh Thakur, another veteran executive, also resigned this March.

Based in Singapore, Anand led Peak XV’s Southeast Asia operations, overseeing investments in startups including Akulaku, Ula, and StashAway. In a Linkedin post, Anand said he’s planning to move to San Francisco, the “epicenter of AI.”

Besides Roychowdary, a number of other ex-senior executives have also set up their own firms.

In August 2024, Piyush Gupta parted ways with Peak XV to launch Kenro Capital, a VC firm that specializes in secondaries.

Fund reduction

Not a sudden shift