Hong Kong's E15 VC closes second fund at $32m

SHK cited a strong track record from E15's debut vehicle, which led a seed round for Irish mental health platform Frankie Health and made Series A and Series D investments in US medical robotics developers Vicarious Surgical and Auris Health, respectively. Auris was exited in 2019 when it was acquired by Johnson & Johnson for $3.4 billion.

"We have confidence in them following the success of their first fund, which showed they can generate deal flow through their access to leading entrepreneurs around the world and their ability to execute investments," Lindsay Wright, CEO of SHK's funds management platform, said in a statement. "We are impressed by E15 VC's engineering and science-led investment approach and look forward to a highly successful partnership".

E15 was set up in 2017 as a stage, sector, and geography-agnostic investor leveraging strong technical backgrounds. Philip Liang, the firm's founder, is an engineer, designer, and serial entrepreneur, who began his career designing concept vehicles with famed architect Frank Gehry at the MIT Media Lab. He has been an investor in SpaceX, the first private company to execute rocket launches and orbital maneuvers, since 2014.

In 2014, Liang founded home automation specialist Noon Home, which went on to raise $50 million from the likes of E15, Lux Capital, Shasta Ventures, Data Collective, and Dolby Ventures before being acquired last year by Racepoint Energy, a sister company of smart home technology developer Savant. Other E15 portfolio companies include US real estate platform Home Bay and UK educational technology provider Sam Labs.

"SHK funds management is a patient and long-term capital provider," Liang said. "They have the ability to warehouse deals, a strong understanding of the technological landscape and capital markets, and a vast network of investors and professionals. These factors make them the ideal strategic partner for E15 VC."

Founded in Hong Kong in 1969 as a brokerage services provider, SHK has operated across a range of financial service areas, including capital markets, corporate advisory, and investment banking. The firm now brands itself as a leader in alternatives investment, having recently mobilized a platform for third-party capital commitments. The firm held about HK$43 billion ($5.5 billion) in total assets as of June 2020.

E15 is SHK's second third-party capital commitment. Earlier this month SHK's COO James Piachaud and four analysts spun out to form alternatives-focused East Point Asset Management. SHK seeded East Point, now an independent entity, with $150 million. Piachaud and East Point's CEO Simon Walsh, formerly CIO of SHK's public equities business, have backgrounds in hedge fund investing. 

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• Topics
• Greater China
• Fundraising
• Venture
• LPs
• Technology
• Hong Kong (China)