Early-stage VC fund Strive (formerly Gree Ventures) announced the final close of its third Asia fund at more than US$100 million.
Launched in April 2019, the fund is being deployed into seed-stage opportunities in the business-to-business sector across Southeast Asia, India, and Japan, according to a statement.
Photo credit: Strive
Major investors in the new fund included returning limited partners such as government-backed SME Support Japan, social media company Gree, and Mizuho Financial Group members Mizuho Bank and Mizuho Capital.
Strive announced the first close of the fund at US$130 million in May 2019. At the time, it had already invested in edtech startup ClassPlus and Tokyo-based TrustDock, which provides an application programming interface for know-your-customer services.
Through Fund III, the firm has also co-invested with other leading VCs such as Sequoia Capital, Monk’s Hill Ventures, Nexus Venture Partners, and Accel Partners as it aims to be a cross-border Asian fund with a strong presence in India, Southeast Asia, and Japan.
Strive also announced it had promoted Nikhil Kapur last year to serve as a partner. Kapur has made more than a dozen investments in his last four years with the company, leading Fund III’s investments in Southeast Asia and India, the company said.
The firm has led seed-stage investments in companies such as Saleswhale and Hasura. It has also backed healthtech startup Medtrail and fintech company Kudo, which has since been acquired by ride-hailing giant Grab.
Editing by Charmaine de Lazo
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