Exclusive: Hong Kong VC Betatron’s new fund hits first close at $15m

BVG IV, the fourth fund of Hong Kong-based VC firm Betatron Venture Group hit its first close at US$15 million. The fund will look to invest in asset-light B2B tech companies across Asia, the company told Tech in Asia.

Betatron managing partners Matthias Knobloch (left) and Arshad Chowdhury / Photo credit: Ben Kostrzewa

BVG IV is looking to raise a total of US$50 million to back companies in industries like logistics, healthcare, commerce, and construction. The fund will invest in startups operating in India, Bangladesh, Pakistan, Vietnam, Hong Kong, Singapore, and the Philippines.

The fund will make initial investments of between US$500,000 and US$2 million in seed to series A rounds, with the option of making follow-on investments.

See also: Meet the 50 top-funded startups and tech companies in Hong Kong

“We’re funding companies just when they’re poised to scale,” says Managing Partner Arshad Chowdhury. “The typical Betatron portfolio company has meaningful traction, strong unit economics, a competitive advantage, and capable leadership.”

Betatron’s portfolio holds 47 companies, including Phable, an India-based medical platform for treating chronic diseases, and Truck Lagbe, a Bangladesh-based platform for booking trucks. In the past year, Betatron delivered two exits and is currently working on its third.

BVG IV has made initial investments in 24Seven, a fresh food delivery company in Pakistan, and 91SquareFeet, which makes retail expansion cheaper in India. Betatron said both the companies have seen double-digit growth month on month for the past two quarters.

The fund became carbon neutral in 2020 after including portfolio firms’ ability to adapt to challenges related to climate change in its due diligence process.