Exclusive angel club XA Network plots new ambitions

An angel investment network in Southeast Asia found its way into becoming part of the US$6 billion funding round of Elon Musk’s xAI in May.

Connections lie at the heart of startup investing and building, which could explain why XA Network bills itself as an exclusive club for technologists in Southeast Asia.

Launched six years ago, the members-only angel investment network now has 130 executives from global tech giants such as Google, Netflix, Meta, and PayPal.

Image credit: Made by Tech in Asia using AI

Beyond early-stage Southeast Asian companies, members in the network have also invested in the likes of AI chip startup Groq and design platform Canva.

To qualify as a member, an individual must have personal assets exceeding S$2 million (US$1.5 million) or an annual income of at least S$300,000 (US$222,500) in the preceding year. They must also have held leadership roles in mid-to-large tech firms or founded a tech company, and they undergo several rounds of interviews to join.

It’s highly selective by design. “The value of this network is to be curated on both sides – we’re going for high quality on the deal flow and members. We don’t take anyone – there’s a high bar,” Keemin Ngiam, an XA Network member, tells Tech in Asia. He is also a vice president at k-ID, a parent-tech startup based in the US and Singapore.

In October, the network surpassed its 100th investment milestone.

Initially focused on early-stage companies, XA Network has expanded its scope beyond pre-seed to series A startups, now including late-stage and pre-IPO rounds. The group has also invested as a limited partner in funds managed by VC firms such as Vertex Ventures and Kopital Ventures, which is run by Kopi Kenangan co-founders James Prananto and Fandy Cendrajaya.

Increasingly, XA Network is looking to tap other avenues for capital, including family offices and other accredited investors through investment platform StashAway. This additional liquidity could provide a much-needed boost to Southeast Asia’s tech sector, where funding has hit multi-year lows.

Move fast and invest

Being backed by senior execs from the largest tech firms comes with tangible perks. These range from hiring assistance, advising on marketing strategies, legal and public policy, to technical roadmaps.

Beep Technologies CEO Kristoffer Jacek Soh / Photo credit: Beep Technologies

Kristoffer Jacek Soh, CEO of e-mobility startup Beep Technologies, a portfolio company of XA Network, says it received help from a senior director of engineering at Meta who had built “scalable systems with Amazon and Meta.” The member’s insights on system design and DevOps sped up product development, Soh shares.

Tapping “legacy expertise”

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