Singapore's Tin Men targets $100m for debut fund
Tin Men Capital, a Southeast Asia-focused VC firm founded earlier this year, is targeting $100 million for its debut fund. The GP has committed $6.9 million to Overdrive IOT and Globaltix, marking its first two investments.
Contributors to the first close of Tin Men Fund I, the size of which has not been announced, include family offices, corporations, and high net worth individuals in the region, as well as in Taiwan, according to a statement.
The firm's founders are Murli Ravi, former head of South and Southeast Asia investments at Jafco Investment, serial entrepreneur Benjamin Tan, and Jeremy Tan, who previously headed the commodities trading practice for Morgan Stanley in Singapore.
Tin Men will look for investments in smart industrial technologies and automation aimed at fields such as security, enterprise productivity, transport and logistics, and retail. The GP aims to take an active role in helping develop portfolio companies and to lead all follow-on rounds in investee companies until the point of exit.
"The enterprise technology space in Southeast Asia is starting to mature in terms of both demand and offerings, but it remains under-served by venture," said Ravi. "This strategy will help promote Singapore as a center for technology and innovation. It leverages Singapore's position as a financial center with robust legal underpinnings."
Tin Men's initial investees are both focused on software for corporate clients in Asia. Overdrive develops internet-of-things (IoT) software to connect moving assets, sensors, and devices, and to manage the data and interactions created by these connections, while Globaltix operates an online ticketing platform aimed at connecting travel agents with tourist destinations.
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