VC firm backed by Grab, Carousell execs hits first close of debut fund at $22m

Singapore-based Forge Ventures has hit the first close of its maiden fund at US$21.9 million. The venture capital firm looks to back a limited number of startups in Southeast Asia at the seed stage.

Forge initially targeted a fundraise in the range of US$15 million to US$20 million as part of its first fund.

Forge Ventures co-founders Kaspar Hidayat (left) and Tiang Lim Foo / Photo credit: Forge Ventures

The VC firm has assembled a limited partner base that includes founders and operators at tech firms including Airbnb, Carousell, Fabelio, Facebook, Funding Societies, GajiGesa, Grab, Kopi Kenangan, Qoala, and Stripe, among others.

Forge Ventures will invest in a “concentrated portfolio” of 15 companies over the next three years, with a focus on Singapore and Indonesia. While the fund is sector-agnostic, it does expect a higher level of investment activity in the edtech and fintech segments.

To date, the VC firm has led investments in three startups: Vouch, a Singapore-based software-as-a-service platform for the hospitality industry; Dropezy, a grocery delivery service in Indonesia; and Marathon, a Vietnam-based K12 tutoring platform.

Forge Ventures was founded this year by Tiang Lim Foo and Kaspar Hidayat in partnership with Alto Partners. Foo is a venture partner at Next Billion Ventures and previously served as a partner at SeedPlus, a Singapore-based early-stage investment fund. His portfolio includes companies such as Qoala, Rukita, Homage, and CardUp.

Meanwhile, Hidayat held investment roles at 500 Startups, Venturra Capital, Koru Partners, and Maloekoe Ventures. He has invested in several startups such as Grab, Bukalapak, Zilingo, Carsome, and Carro.

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“We are operators, so we know what it takes to go from zero to one. This is why we can build conviction early and be the first institutional capital to back a startup,” said Foo.