This VC is betting $50m to bridge deep-tech in US, SEA

Additional reporting by Melissa Goh

Jeep Kline, a former World Bank economist and Intel executive, has made it her personal mission to “cross-pollinate” companies between the US and Southeast Asia. She’s aiming to do this through her impact VC firm, Raisewell Ventures.

In an interview with Tech in Asia, Kline, Raisewell Ventures’ founder and managing partner, says the firm is nearing the final close of its new fund, which launched last year and already has US$50 million committed from limited partners.

Just over a year old, San Francisco-based Raisewell has invested in 14 companies, all of which are based in the US. Kline says she’ll begin turning her focus to Southeast Asia next year, with the intention to allocate roughly 20% to 30% of the firm’s capital to the region.

Jeep Kline, founder and managing partner at Raisewell Ventures / Photo credit: Raisewell Ventures

That target is “flexible,” says Kline. “If I can find really good companies in Southeast Asia, I want to increase the threshold.”

Raisewell focuses on deeptech companies, covering sectors such as climate tech, manufacturing and supply chain innovation, as well as health tech. It plans to invest in startups from pre-seed to series B rounds, with check sizes ranging from US$250,000 to US$2.5 million.

While incubator-stage firms like those coming out of university incubator programs are “too early,” Kline says the firm could potentially invest in them if they demonstrate traction and product-market fit later on.

Cross-pollination

Kline says her background at Intel, where she spent seven years leading global operations and business development, including launching one of the company’s first Google-based tablets, allows her to view deals through a “hard tech lens.”

“This is what I call the era of deeptech and hard tech, when people turn to hardware, deeptech, and also manufacturing. It is the perfect timing for Southeast Asia because this is our bread and butter,” says Kline, who was raised in Bangkok.

A key part of Raisewell’s mission is helping founders from the US expand into Southeast Asia while also giving the region’s startups access to US know-how and capital.

“Every single investment we make, we look at how it could potentially cross-pollinate and create benefits between the two regions,” Kline says.

For instance, she encourages the firm’s US portfolio companies to consider establishing a manufacturing or assembly base in Southeast Asia as they scale and look at hiring mid-level engineers and graduates from the area, she says.

So far, though, none of its portfolio companies have sunk roots in Southeast Asia. “This is a work in progress and will take a few quarters to develop,” Kline says. She adds that the firm’s investees will only do so if its founders find it “beneficial for the overall company strategy.”

Playing a long game