Singapore’s 1982 hits $12.5m first close on seed fund
Singapore’s 1982 Ventures has reached a $12.5 million first close on its debut seed fund, which will focus on financial technology in Southeast Asia. The target is $15 million.
LPs include the VC arm of Malaysia’s Genting Group, Indonesian family office Trihill, US fund-of-funds First Close Partners and Rally Cap, and US fintech unicorn Carta.
Commitments also came from global family offices, fintech founders, executives of tech and financial services companies, and GPs of other VC funds including Sheel Mohnot, the founder of 500 Fintech and Better Tomorrow Ventures.
1982 said it will soon announce a final close and would provide a greenshoe option as the fund is currently oversubscribed.
Established in early 2020, 1982 Ventures is led by managing directors Scott Krivokopich and Herston Powers (pictured, left to right), both former executives at Singapore-based fintech investor Tryb.
Krivokopich was head of investments at Trybe and prior to that established Moore Stephens Corporate Finance business in China. Powers led investments, operations, and investor relations at Tryb. He is credited as the first institutional investor in Indonesia's leading fintech and digital bank Alami.
“1982 Ventures is filling a critical gap in the VC market with their focus on seed-stage fintech companies,” Ian Sulaiman, a vice president at Trihill, said in a statement. “The GPs understand how to invest in Indonesia and across the region. Scott and Herston have impressed us with their company selection.”
Investments made by Tryb while Krivokopich and Power were with the firm include Philippines-based lending platform First Circle and Singapore’s MC Payment. In early 2018, Tryb itself raised $30 million from The Makara Innovation Fund, a Singapore government-backed vehicle that focuses on intellectual property-driven businesses.
Krivokopich claims that 1982 is on track to become the best performing fund in the region. The portfolio is marked at 3x, with investments in Indonesian open banking player Brick, Vietnamese retail investment platform Infina, Singaporean automated financial data platform Bluesheets, and Jakarta-based earned wage access platform Wagely.
The fund aims to back 30 start-ups across Southeast Asia. There will be a focus on Indonesia, Vietnam, Singapore, and the Philippines, with the ability to invest across the region and opportunistically in Pakistan and Bangladesh.
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