K2 Global raises $183m for US-Asia VC fund

LPs in the fund have not been disclosed although the US and Singapore-based firm has described its investor and advisor base as including family offices, industry professionals and government agencies. The vehicle will focus on mobile, e-commerce, financial technology, augmented and virtual reality, artificial intelligence, autonomous vehicles and machine learning.

"Traditionally, venture capital has been a hyper-local business, but tech has truly gone global,” Minal Hasan (pictured), co-founder and general partner of K2 said in a statement. “We are seeing a universal convergence of ideas, markets, economies, and technologies, resulting in companies expanding into international markets much more rapidly than before due to the explosion of Internet and mobile technology.”

Founded in 2015, K2 aims to bridge Asian and US markets by facilitating relationships with commercial, manufacturing and media partners as well as government regulators. It has invested $58 million to date in at least 10 companies, with a focus on pre-IPO rounds.

The GP operates internationally with a single team and says its understanding of global markets allows it to win deals over larger and more prominent VCs. Previous investments have targeted start-ups with at least $1 billion in revenue, including Uber, Spotify and Airbnb.

Asian activity has included commitments to Singapore-based dating app Paktor and India’s Paytm, a fintech company that has recently secured a $60 million funding round and partnered with Alibaba Group’s PE-backed financial services unit Ant Financial.

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