MARKETS & INVESTING | Staff Reporter, Singapore

Singapore asset management firm Golden Equator Capital co-leads $120m funding for SEA tech companies

A proportion of the fund is reserved for Korean firms looking for SEA expansion via Singapore.

Singapore-based Golden Equator Capital (GEC) led a $120m venture fund for Southeast Asian tech firms together with Korea Investment Partners (KIP), an announcement revealed.

With proportion allocated for Korean firms looking to expand into SEA via Singapore, the GEC-KIP Technology and Innovation Fund (GEC-KIP fund) will inject in Series A and Series B high-growth technologies in SEA with investments between $2m to $5m and a follow-on potential.

“Given the fragmented tech investment landscape in SEA, uniting our strengths and network with KIP further bolsters our position,” GEC managing partner Daren Tan said.

The fund has commited 65% of its capital to have its first close by late August whilst final close is eyed by late 2018. It also sees support from other institutional investors to become limited partners (LPs).

“The fund will be a positive development for the bilateral relationships between Korea and Singapore as well as the venture capital investment landscape, further cementing both GEC and KIP’s positions as leaders in this space,” KIP CEO Baek Yer Hun commented.

The fund was also launched in line with the efforts to strengthen the bilateral relation of Singapore and Korea. An MOU was signed between Enterprise Singapore (ESG) and Ministry of SMEs and Start-ups of the Republic of Korea (MSS) to promote co-innovation and internationalisation co-operations between the countries’ SMEs and start-ups.

Aside from its partnership with GEC, KIP is also set to establish its SEA headquarter in Singapore located in SPECTRUM which is a curated technology and innovation business club made by the Golden Equator Group.

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