Qishin Tariq · · 2 min read1982 Ventures raises $20m in debut seed fund
Early-stage VC firm 1982 Ventures has raised US$20 million in capital for its debut seed fund. The fund was oversubscribed, with an initial target to raise a total of US$15 million.
Investors that participated in the raise include Indonesian VC Trihill Capital, US fintech unicorn Carta, and the venture arm of Malaysian conglomerate Genting Group, as well as US funds First Close Partners and Rali Cap.
1982 Ventures co-founders Herston Elton Powers (left) and Scott Krivokopich / Photo credit: 1982 Ventures\
The raise for the new fund also included individual backers such as Better Tomorrow Ventures general partner Sheel Mohnot and unnamed partners in several Southeast Asian VC funds.
Herston Elton Powers, co-founder and managing partner of 1982 Ventures, said the firm would be accelerating the pace of investments despite current market sentiment. It sees Southeast Asia’s early-stage fintech industry as the most attractive sector for venture capital.
The firm expects to make another 10 to 15 new investments in addition to follow-on investments in their Fund I portfolio. It has over US$5 million in early commitments to its soon-to-be-announced Fund II.
Established in early 2020, 1982 Ventures has invested in 25 startups across Southeast Asia, Pakistan, and Bangladesh, with a core focus on seed-stage fintech startups in Southeast Asia. It generally leads pre-seed and seed rounds with initial investments between US$250,000 and US$500,000.
By the end of 2021, its portfolio recorded a return of nearly 3x, with first-round investments in Brick, Infina, Homebase, Wagely, Go Zayaan, Lista, Bluesheets, and Monit, among others.
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
