Super scouts in the neighborhood

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Hello readers,

I’m in awe of the wonderful place the internet is: It’s got answers to every question under the sun – and far beyond it, too. But there’s still some magic in taking advice from someone you can bank on. For instance, I still end up calling my mother about a recipe, even though the good people on the internet can tell you how to make this same dish in a hundred different ways.

That’s pretty much how I see the trend of scout programs that are springing up in Southeast Asia: In a world full of promising startups, VCs could do with some help in finding the next company to bet on. And Monk’s Hill Ventures is the latest VC to do just that, launching a program that features scouts – well-connected people who can be trusted to spot a diamond in the rough.

And while these super scouts do what they do best, we’re doing our part in helping founders find investors. If you are a founder or know someone who is, all it takes is to fill up this form.

Today we look at,

• The dawn of the super VC scout in Southeast Asia
• Singapore’s Lomotif eyes the Indian market
• Other newsy highlights such as the start of the countdown to Grab’s listing, and an SG biotech firm getting more fuel to build alternatives to plastic.

Premium summary

A game of seek-and-seek

Image credit: Timmy Loen

Monk’s Hill Ventures (MHV) launched its venture scout program in September to keep an eye out for startups to bet on.

The Singapore-based venture capital firm’s program differs from others because of its focus on “super scouts” – connected people like Bukalapak’s Achmad Zaky, Zopim’s Royston Tay, R Fitness’ Gita Sjahrir, and Kumu’s Crystal Widjaja. This program aims to make 75 investments over the next two years.

• Prepping the next wave: When MHV was founded in 2014, one could “barely find anyone who had any experience in tech to help you build companies,” says Peng Ong, the VC’s co-founder. That has changed since graduates from the first wave of startups in Southeast Asia used their experience to launch and support new ventures.

• What makes a scout? Many things, apparently. For starters, the scouts should have a strong network that can generate deal flow. In MHV’s case, scouts also need to have experience in running or founding startups.

• Skin in the game: Scouts don’t just give startups their money but also their time because, as super scout Widjaja puts it, “this is your reputation on the line.” The scouts can pick their own startups, and they also get to have full control of their shares, including voting rights and a say in when to sell.

Another contender for the TikTok-shaped hole in India