Walden, East join $6.6m round for Tech in Asia
Walden International and East Ventures have joined a $6.6 million funding round led by Hanwha Investment & Securities for Tech in Asia, a Singapore-based digital media company focused on Asian start-ups.
Facebook co-founder Eduardo Saverin also participated in the investment. According to a statement, the capital will be used in part to hire data science professionals and expand programs aimed at promoting technology ecosystem interaction.
Set up in 2011, Tech in Asia runs a news portal with a pan-Asian presence and organizes annual conferences across Singapore, Tokyo and Jakarta. The company has historically claimed user traffic across its English and Indonesian websites in excess of two million views per month.
It raised $4 million in 2015 from SB ISAT Fund, a $50 million vehicle backed by Japan's SoftBank and Indonesia's Indosat, and other investors. Fenox Venture Capital led a $1.9 million round in 2013 following earlier rounds led by East in 2011 and 2012, respectively.
East operates across offices in Singapore, Jakarta, Tokyo and San Francisco, with 80 active portfolio companies in Southeast Asia as of the beginning of 2017. Recent activity by the firm includes the launch of its sixth Southeast Asia fund after receiving $27.5 million in LP commitments.
Walden targets seed and early-stage Southeast Asian companies in the semiconductor, software, internet and digital media sectors.
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