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Hello readers,
In the current economic uncertainty, startups are having a difficult time fundraising. But I don’t think the problem lies in the lack of capital to raise – looking at our VC funds tracker, investors in the region are raising money, and some of them are sitting on some pretty big piles of dry powder.
The thing about these funds is that they’ve got to be deployed, and in some cases, preferably sooner rather than later. After all, what VC firms offer their backers is a return on their investment many years down the line – and to see outsized returns in, let’s say, 10 years time, one would probably want to get in on something with potential today.
Where I’m going with this is that this money has to go somewhere, and startups with the right fundamentals and growth have an opportunity, especially with these VC firms that have cash to deploy. So in a rather clumsy segue, let’s hear from one that’s recently raised its inaugural fund.
Today we look at:
- MSW Ventures’ Asia Fund X
- A social networking app that wants people to meet offline
- Other newsy highlights such as Hmlet co-founder Yoan Kamalski’s new venture raising funds and Crypto.com’s license in Singapore
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The focus of this fund
Image credit: Timmy Loen
Jeffrey Seah – a partner at Quest Ventures – started his own firm, MSW Ventures. Its first fund, Asia Fund X, will invest in companies across Southeast Asia. We go deeper.
- Ready, set, go: According to Seah, Asia Fund X aims to support “exceptional” founders and startups – that’s what the “X” stands for. He looks to back startups that are “more mature and mainstream” as opposed to his focus on early-stage firms with Quest Ventures.
- The folks behind the fund: The investment vehicle is supported by Temasek subsidiary Pavilion Capital as well as a clutch of sovereign wealth funds, family offices, and high-net-worth individuals.
- Eyes on the prize: Some of Asia Fund X’s focus areas include foodtech, agritech, and sustainability, but Seah says that he doesn’t “prefer one trend over the other” and that he and his team are “excited about the prospects and potential of digital economies as a whole.”
Read more: Why Asia Fund X targets ‘mainstream-oriented’ founders
Startup spotlight
Getting social
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