Ex-500 Startups partners’ pre-seed VC raises $30m for new fund

The Silicon Valley and Singapore-based fund couldn’t comment on the matter because the fundraising is still ongoing, the report said.

Hustle Fund was launched by former 500 Startups partners Elizabeth Yin and Eric Bahn. It focuses on investing US$25,000 in pre-seed software companies based in the US, Canada, and Southeast Asia.

The majority of its portfolio companies are in business-to-business, fintech, and consumer digital health. The fund does around 50 investments per year, according to its website.

“As a small fund, we tend to shy from capital intensive companies including companies requiring physical products such as ecommerce or hardware and ad-revenue based models,” Hustle Fund said.

Some of the fund’s portfolio companies in Southeast Asia include Singapore-based logistics tech startup Moovaz, Indonesian financial management app BukuKas, Vietnamese podcast startup Waves, which ceased operations last month.