Qualgro’s founders (L to R): Heang Chhor, Jason Edwards, Peter Huynh
Venture capital firm Qualgro is back for seconds. The Singapore-based company has announced a new fund with a fundraising target of US$100 million.
So far, 60 percent of the money has been committed by its investors. Like the first fund, the money will go towards B2B startups in the areas of artificial intelligence, cybersecurity, analytics, and software-as-a-service.
The new fund will also target companies in the series A and B stages. A startup at these phases typically have some traction and needs capital to rapidly grow its user base.
Qualgro declined to reveal how the first fund fared. However, he noted that some of the exceptional companies that Qualgro has backed include PatSnap and Funding Societies.
PatSnap is an online intellectual property intelligence service for businesses that has raised a US$38 million series D round. Funding Societies is an online matching service for business loans that recently secured a US$25 million series B round. Prominent VC firm Sequoia Capital is an investor in both startups.
Qualgro is part of a recent spate of new funds emerging in Singapore. Tin Men Capital is also raising a US$100 million vehicle focusing on enterprise tech. Meanwhile, Openspace Ventures has raised US$135 million for its second fund from backers including Temasek.
Editing by Eileen C. Ang
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