New Singaporean VC firm M Capital closes maiden fund at $31m

M Capital Management, a newly established VC firm in Singapore, said it has closed its maiden fund at US$30.85 million.

MVP founders Joachim Ackermann (left) and Mayank Parekh / Photo credit M Capital

However, the company didn’t specify if this would be the first or final close of the fund.

Called M Venture Partners (MVP), the vehicle expects to invest in roughly 40 early-stage ventures with an average initial check size of about US$500,000. It mainly plans to back seed and pre-series A firms that focus on technology-enabled business-to-business (B2B) or business-to-business-to-customer (B2B2C) business models.

M Capital said its maiden fund has made 11 investments to date, including those in behavioral health coaching startup Naluri, AI-enabled fintech firm Impact Credit Solutions, and cancer care-focused healthtech company Cipher Cancer Clinics.

The VC firm also said it has enjoyed recent success with the public listing of design and 3D metal-printing company 3D Metal Forge in Australia just last week.

Joachim Ackermann, one of the founding members of M Venture Partners, said that while the fund plans to keep on working on its regional and global aspirations, the majority of the startups it will back will be based in Singapore.

“Singapore presents a fabulous venture ecosystem and support network for our entrepreneurs and an ideal springboard to launch innovative and disruptive technology startups across multiple markets,” he added.

Ackermann leads MVP alongside founder Mayank Parekh, who brings with him 30 years of professional experience as both an investor and a management consultant. Senior team members include Tanuja Rajah, who had been with Entrepreneur First, and Chethana Ellepola, previously the research director at Acquity Stockbrokers.