Funding for startups is off to a strong start in the new year.
On Tuesday, three new funds were unveiled – Marvelstone Ventures, East Ventures and InseadAlum Ventures.
Marvelstone Ventures, the venture capital (VC) arm of Singapore-based private-investment group Marvelstone, has S$20 million in funds, The Business Times has learnt.
An “innovation enabler” and venture-building firm, Marvelstone Ventures will invest in Smart City technologies such as blockchain, Internet of Things (IoT), artificial intelligence and fintech (financial technology).
Joel Ko, chief of Marvelstone Ventures, said: “We are open to all kinds of opportunities to work with investors, related partners and institutions in public and private sectors across Asia. I am looking forward to seeing the adoption of high-end innovation in emerging markets before spreading to the developed market.”
East Ventures, a Singapore-based VC firm, on Tuesday said that it has raised a US$27.5 million fund for tech startups in South-east Asia. This is the fifth fund by the 2010-founded VC firm, and will target more seed and Series A investment rounds.
East Ventures added that it expects to back about 20 startups this year, as with other years. Its investment philosophy has been to identify tech verticals that are poised to expand in their respective markets, and to back people whom it believes will be “future leaders of the space”.
To date, it has made early-stage bets on companies such as Indonesia’s online marketplace…