Cocoon closes second SE Asia fund at $22m

Cocoon launched the fund last year with a target of $20 million and an investment thesis focused on financial technology, medical technology, and deep tech. The vehicle has already backed Myanmar-based logistics platform KarGo Myanmar.

LPs in the fund include Jani Rautiainen, co-founder of online property portal PropertyGuru; Vulpes Innovation Technologies Investment; Michelle Yong, director of Singapore’s Aurum Investments and founder of co-working space Found8; and Oliver Tonby, chairman for Asia ex-Greater China at McKinsey & Company.

Along with the fund close, Cocoon also announced the launch of a mentoring initiative in conjunction with accelerators and co-working spaces in Singapore, Ho Chi Minh City, Hanoi, Manila, Bangkok, Jakarta, and Yangon. The firm will host public mentoring hours aimed at growing the local entrepreneurial ecosystems and building an entrepreneurial support network similar to Silicon Valley and other global technology hubs.

“Over the last three years, we have seen a radical improvement in deal quality, in particular from Southeast Asian countries outside Singapore,” said Michael Blakey, a managing partner at Cocoon, in a statement. “The region has gigantic challenges that need to be solved by technology, and we believe we can help founders build and scale their companies faster.”

Cocoon was founded in 2016 by Blakey, director of UK-based Avonmore Developments, and William Klippgen, founder of Singapore’s InseadAlum Ventures. It closed its S$10 million debut fund the same year. The firm has backed 12 start-ups across Singapore, Vietnam, Myanmar, and the Philippines.

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• Topics
• Southeast Asia
• Technology
• Venture
• Fundraising
• GPs
• Singapore
• seed
• TMT