Monk’s Hill to write checks of up to $10m via new fund

Co-founder and managing partner at Monk’s Hill Ventures Kuo-Yi Lim/ Photo credit: Monk’s Hill

Singapore-based Monk’s Hill Ventures said it will write checks worth between US$2 million and US$10 million via its third fund, which it recently closed.

The US$200 million third fund will be used to scout regional tech-enabled startups that are in the series A stage, the VC firm told Tech in Asia.

Kuo-Yi Lim, co-founder and managing partner at Monk’s Hill Ventures, said capital from the third fund had already been deployed to ecommerce firms Rainforest and Upmesh, digital health firms Hannah Life, Ordinary Folk, and Novi Health, among others.

According to SEC filings, the Singapore-based investor was initially looking to raise US$150 million for the fund.

See also: Recession Run: Valuation cuts don’t affect Monk’s Hill Ventures’ plans

It’s not a surprise that overall funding in Southeast Asia has been off to a slow start. There were only 47 funding rounds, totaling US$220 million, in January this year – marking the lowest amount of capital secured in a month in the last five years, according to Tech in Asia data.

Lim previously told Tech in Asia that amid slowing investments, Monk’s Hill “won’t do more deals just because they’re cheaper.”

The firm’s second fund was closed in 2020 at US$100 million.