Singapore’s Credence hits $50m first close on debut VC fund
Credence Partners, a growth-stage private equity firm in Singapore, has achieved a $50 million first close for a venture capital fund that will invest in Southeast Asia. The full target is $100 million.
The firm was founded in 2006 by Boon Hwee Koh, founder of Omnivore Industries, a contract manufacturer of electronic goods. It has previously raised two private equity funds, including a S$100 million ($70 million) vehicle in 2013.
Investments from these funds include flatbread machine maker Rotimatic, rubber manufacturer Halcyon Agri, seafood retailer Fassler Gourmet, Kim Heng Offshore and Marine Holdings, 3D imaging solutions provider Heptagon, and freight manager 20Cube Logistics.
The VC strategy involves participating in Series A and B rounds for early-stage companies that generate B2B and B2B2C revenue streams. Financial technology, deep technology, consumer, logistics and mobility will be among the target industries.
Credence will apply a "private equity mindset" to its investments. "[This] means we will guide and focus the start-ups on leadership and talent management, on operational fundamentals, with a strong focus on building out commercialization and business development growth engines,” said Koh.
The VC fund is already being deployed, recently making a commitment to Tonik, a wholly digital bank that is expected to launch in the Philippines later in the year. Other investments have been made in a deep-tech software company and a mobile-only lending start-up.
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